Zimbabwe: Tobacco Nets Half Billion Dollars - TIMB

Source from:  The Herald 08/30/2012

A total of 144 million kg of tobacco worth over US$500 million were sold in the 2011-2012 marketing season, the Tobacco Industry and Marketing Board has said. Statistics released by TIMB at the close of clean-up sales show the country earned US$525 million, representing a 46 percent increase on last year's earnings of US$360 million. Clean-up sales were conducted on August 22, 2012, while contract sales are still going on. Though the country missed a production target of 150 million kilogrammes, tobacco farming is slowly rebounding after years of decline. The 144 million kg sold this season is the highest production since land reforms began over a decade ago. Of the 144 million kg total, 52 million kg were sold through auction, while the remainder was sold under the contract system. The average price per kg this year was US$3,66 compared to last year's US$2,77, TIMB said. Production has been rising since 2009, though it remains lower than the peak in 2000 of 236 million kg. Tobacco is one of Zimbabwe's major agricultural exports, accounting for 10, 7 percent of GDP. Major export destinations for Zimbabwean tobacco include China, UK, South Africa, Indonesia, the United Arab Emirates, Mauritius and Russia. Enditem