Zimbabwe: Tobacco Export Earnings Rise to U.S.$73,4 Million

Source from:  The Herald 06/17/2010

THE country has so far earned US$73,4 million from 19 641,7 tonnes of tobacco exported since the beginning of the selling season. Statistics from the Tobacco Industry and Marketing Board show that 1 739,6 tonnes of tobacco was exported in May. However, there was a decline from the 2 867,3 tonnes exported in April. In the corresponding period last year, 10 842 tonnes of tobacco was exported. TIMB said as of May, tipped and threshed tobacco constituted the bulk of exports taking more than 65 percent of the monthly exports, thus raising the monthly average export price to US$2,69/kg from the US$2,59/kg attained as of April 2010. Seasonal exports to the Far East amounted to 5 577,2 tonnes with just over 60 tonnes being exported to Korea and Taiwan. According to the TIMB, this is 25 percent less than the exports to the region in the corresponding period in 2009. Exports to European countries amounted to 62,6 tonnes bringing the seasonal exports to 7 073,4 tonnes, a 20 percent decrease compared to the period last year. However, the seasonal exports to the UK, Germany, Spain, France and Poland recorded an increase ranging from 45 percent to 370 percent, according to the TIMB. There are no recorded exports to the Americas yet but as for the rest of Europe the recorded cumulative exports of 1 253,3 tonnes were 389 percent more than the 2009 exports despite recording no exports in the month of May. The bulk of exports went to Russia, which has absorbed more than 90 percent of the regional intake. The TIMB says there has been a marginal decline in exports to African countries adding that export destinations for May were Mozambique, Sudan and South Africa. Cumulative exports total of 2 986,2 tonnes was just 1,6 percent less than the 2009 levels. The United Arab Emirates is the only country which accounted for the 970,6 tonnes exported in May bringing the seasonal exports to 2 514 tonnes. Turkey, the former number one export destination for the region, has only taken 59,4 tonnes since January. The TIMB attributed the low exports to Turkey largely to the anti-tobacco smoking campaign, which have also affected some European countries. Stock levels have risen to slightly more than 100 million kg as a result of more current tobacco being sold through both auction floors and contractors. "At 61 million kg as at end of May, purchase of the current crop is at its peak, surpassing the 2009 production figures which closed at 58,6 million kg. "The seasonal stocks are expected to continue swelling, as exports are still depressed and some merchants have now begun processing the current crop," said the TIMB. Enditem