Zimbabwe: Tobacco Sales Gross U.S $580,7 Million

Source from:  Financial Gazette 08/21/2015

Tobacco growers have so far earned US$580, 7 million from the sale of 197 million kilogrammes since the opening of the selling season in March.

Although auction tobacco sales have since closed, contract tobacco sales continue with contractors raking in US$467,3 million from the sale of 150,3 million kg at an average price of US$3,11 per kg.

Production target for 2015 had been revised from earlier projections of 222 million kg to between 180 and 200 million kg because of bad weather conditions that affect agricultural activities from planting and agronomy.

Auction sales for 2015 closed at 46,7 million kg at US$2,43 per kg compared to 50,7 million kg realised in 2014 averaging US$2,69 per kg after 93 days .

From the statistics provided by the Tobacco Industry and Marketing Board, 75 392 growers have sold for the 2015 season as compared to 86 975 who sold during the same period last year.

Despite the chaos over low prices that prevailed at the auction floors, out of 17 912 new growers who registered in 2015, only 11 120 growers successfully delivered 21, 2 million kg of tobacco averaging $2,79 per kg, while about 20 371 growers who sold in 2014 did not register for 2015 season. Enditem