Tobacco exports rake in $50m

Tobacco exports rake in $50m
Published: 20 March 2014
THE country has since the beginning of the year exported 14.3 million kilogrammes of tobacco worth $51.8 million with Belgium leading as the major buyer of the golden leaf.

Latest statistics from the Tobacco Industry and Marketing Board (TIMB) show that Belgium has so far spent $8.3 million on Zimbabwe's golden leaf at an average price of $2.54 a kg.

During the same period last year, $87.9 million was spent by the tobacco merchants to import 22.9 million kg at an average price of $3.84 per kg.

China, which traditionally is the major importer of the country's tobacco, was presently on third position having spent $13.2 million on 1.7 million kgs at an average price of $7.59 per kg.

The United Arab Emirates (UAE) was among the top five consumers of Zimbabwe flue-cured tobacco.

On second position, UAE has purchased 1.79 million kgs of tobacco worth $5.1 million at an average price of $2.86 a kg.

South Africa and Russia were fourth and fifth, importing 1.27 million kgs and 1.2 million kgs respectively.

The neighbouring country has spent $5.3 million at an average price of $4.21 a kg while Russia has bought the crop at an average price of $2.47 a kg, spending $3 million.

At present, 37 countries have taken part in the purchase of tobacco from Zimbabwe while by the end of last year about 50 economies imported the golden leaf.

Meanwhile, TIMB said as of 14 March seasonal tobacco deliveries at auction floors were five percent firmer compared to the same period in 2013.

"Seasonal tobacco deliveries at auction floors are 5.8 million kg, five percent firmer than the same period last season, yet contractors have purchased 12.1 million kg which is 15 percent more than deliveries made in a corresponding period in 2013," it said.

The tobacco industry remains one of the key sectors of the Zimbabwean economy. Last year, Zimbabwe raised more than $1.3 billion from tobacco export earnings.

Over the past few years, Zimbabwean farmers have been shifting their focus to tobacco abandoning growing maize due to viability concerns.

"To date, about 96,436 growers have registered for the 2014 season compared to about 77,604 who had registered by the same period last year," TIMB said.
- chronicle
Tags: Tobacco,

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