Zimbabwe: 20 Million KG Tobacco Auctioned in Six Weeks

Source from:  Zimbabwe Independent (Harare) 8 June 2007 06/11/2007

AT least 20 million kg of flue-cured tobacco valued at US$43,3 million (about $10,9 billion at the interbank rate) have gone under the hammer at the country's three auction floors since the beginning of the selling season six weeks ago. Figures from the Tobacco Industry and Marketing Board (TIMB) show that the deliveries were 100% more than the 10 million which went under the hammer during the first six weeks of trade last year. In US dollars terms the value of tobacco sold is US$43,6 million, 139,19% more than US$18,2 million sold during the same period last year. A total of 221 669 bales have gone under the hammer so far from 116 908 which were sold during the corresponding period last year, the TIMB said. Burley Marketing Zimbabwe (BMZ) has sold 2 884 751 kg worth US$6,1 million ($1,5 billion). Tobacco Sales Floor (TSF) sold 2 915 997 kg valued at US$6,4 million ($1,6 billion) while Zimbabwe Industry Tobacco Auction Centre (ZITAC) sold 2 290 520 kg worth US$5,1 million ($1,2 billion). Contract tobacco farmers accounted for 12,2 million kg valued at US$25,8 million ($6,4 billion). The current season has also witnessed an increase in the selling price that has averaged 214 cents compared to 179 cents which prevailed during the same period last year. The waste percentage during the period under review is 4,15% compared to 8,62% recorded during the same period last year. Over the last few years, production of the crop has been on the decline owing perennial disturbance on productive farms and unavailability of essential inputs. A total of 80 million kg of the golden leaf is expected to gone under the hammer by the close of the season. A total of 55,5 million kg was sold last year. Enditem