Malawi: Tobacco Earnings Up 124%

Source from:  The Daily Times 07/10/2012

Tobacco sales earnings have gone up by 124 percent as compared to same time last year, the Tobacco Control Commission (TCC) has said. In its weekly sales update statistics for the week 14 ending July 3, TCC says the green gold had earned the country US$137.7 million as compared to US$61.2 million during the same period last year. The report further said 63.7 million kilogrammes of tobacco had gone through auction, representing a three percent change compared to same time last year when 61.6 million kilogrammes had been auctioned. The average price, according to the report, has also gone up by 117.15 percent. During the same time last year, the price averaged US$0.99 per kilogramme while the current average is US$2.15 per kilogramme. TCC Chief Executive Bruce Munthali last week said the market has stabilised in terms of prices. He also observed that smuggling of tobacco to neighbouring markets has also reduced following the devaluation of the kwacha which has seen the farmers earning more. Munthali also said that this year's tobacco production is likely to be lower than earlier projections. Enditem