Published: 06 June 2014

Zimbabwe has so far sold tobacco worth $582,8 million as the 2014 selling season target of 180 million kilogrammes has been exceeded.

Latest figures from the Tobacco Marketing Industry Board (TIMB) show that the country has to date sold 183,2 million kgs of the golden leaf.

This reflects a 31,7 percent positive variance from last year's prior comparable period figure of 139 million kgs.

But the value sold to date is only 13 percent up from last year's $514,8 million. This is largely due to prevailing lower prices, which are 14 percent down from last year.

The contract floors continue to dominate trading, with 136,2 million kgs worth $453 million having been sold.

The auction floors have purchased 46,9 million kgs to the value of $129 million.

Tobacco is one of Zimbabwe's major agricultural exports, accounting for 10,7 percent of gross domestic product.

The agricultural sector is expected to grow by 9 percent and the continued growth of the tobacco sector in particular bodes well for the broader sector.
- BH24

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