Zimbabwe: Flue-cured Tobacco Rakes in $55,9m

Source from:  News Day  04/03/2014

FLUE-CURED tobacco exports have so far raked in $55,9 million this year from the sale of 15,3 million kilogrammes of the crop with China being the major buyer.

This is a decrease from $88,6 million generated from the sale of 23,2 million kg in the same period last year.

Latest statistics from the Tobacco Industry and Marketing Board (TIMB) indicate that prices are depressed with the crop averaging $3,65 per kg, down from $3,82 offered during the same period last year.

The top five tobacco export markets for Zimbabwe are China, Belgium, United Arab Emirates (UAE), South Africa and Russia.

Last year, South Africa, China, Hong Kong, Sudan and UAE were among the top five during the same period.

This year, Malaysia was offering the highest price for tobacco at $8,72 per kg, followed by Taiwan offering $7,67, Turkey $7,56 and China $7,45 per kg.

Other countries that also offered competitive prices were Hungary $7,30 per kg, Netherlands $6,72 per kg and Lesotho $6,60 per kg.

TIMB said the deliveries for both auction and contract had significantly improved as more farmers deliver their crop.

The body said 99 174 growers were registered for the 2014 season compared to 82 833 who had registered by the same period last year.

About 180 million kg are expected to be delivered to the country's three auction floors as compared to 166 million kg delivered last year. Tobacco is one of the country's major agricultural exports, accounting for 10,7% of gross domestic product. Enditem