Tobacco rakes in $500 million

Tobacco rakes in $500 million
Published: 13 July 2016
TOBACCO sales have so far raked in more than $500 million in sales for the 71 days of the marketing season, as farmers continue to deliver the golden leaf.

tobacco prices started as low as US 0.6 cents-001

According to the latest statistics from the Tobacco Industry and Marketing Board (TIMB), tobacco worth $502 560 971 has been auctioned so far.

In the same period last year, 161 937 909kg of tobacco was sold, raising $479 314 814.

Tobacco sales have increased by 5,45% to 170 763 707kg as compared to 161 937 909kg were auctioned last year.

The average price on Monday was $2,94 per kg down from $2,96 per kg during the same period last year.

The contract farming system has so far handled 138 436 613kg and the auction system has recorded 32 326 694 kg.

At least 20 764 663kg went under the hammer at Tobacco Sales Floor (TSF), while Boka Tobacco Auction Floors (BTAF) and Premier Tobacco Auction Floor (PTAF) sold 7 268 079 kg and 4 293 952 kg, respectively.

In the period under review, TSF bought tobacco at an average price of $2,61 per kg, BTAF at $2,48 per kg and PTAF at $2,70 per kg, while the contract average price per kg was $3,02.

At least 2 290 449 bales were accepted, while 1465 598 were rejected for various reasons. For the 2015/2017 season, a total of 33 763 growers have registered and 10 015 are new growers.

According to TIMB, seasonal tobacco exports have raked in $271 139 128, with China being the largest importer. During the same period last year, tobacco worth $285 973 535 was sold.

In 2016, seasonal exports increased to 45,1 million kg at an average price of $5,62 compared to last year's 50,9 million kg at an average price of $5,32 per kg.
- newsday
Tags: Tobacco,

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