Zimbabwe: Tobacco Prices Up 39 Percent

Source from:  New Zimbabwe 07/02/2012

THE average price of tobacco went up by 39 percent from an average of US$2,69 per kg in May 2011 to US$3,74 per kg in May 2012, the African Development Bank (AfDB) has said. According to the banks' June Zimbabwe economic review released this week, AfDB said the 2012 tobacco-selling season had continued on a positive note, a development that had benefited the farmers. "The average price of tobacco went up by 39 percent from an average of US$2,69 per kg in May 2011 to US$3,74 per kg in May 2012," said AfDB. The Tobacco Industry and Marketing Board (TIMB) on Wednesday said tobacco worth US$465 million had been sold at the country's three auction floors compared to US$321 million sold during the same period last year. In 2011, a total of 125 million kgs of tobacco had gone under the hammer over the same time. The sales volume translate into a 6,32 percent increase from the 118 million kg sold last year. TIMB statistics show that the daily average price was US$3,52 compared to US$3,13 per kg last year. Premier Tobacco Floors auctioned 9 million kg worth US$32,7 million at an average price of US$3,63 per kg. Boka Tobacco Auction Floors handled 14,5 million kg worth US$51,2 million at an average price of US3,53 per kg. Millennium Tobacco Floors auctioned 8,5 million kg valued at US$30,5 million at an average price of US$3,61 per kg. Contract sales amounted to 76,6 million kg worth US$290,6 million at an average price of US$3,79 per kg. Enditem