Zimbabwe: Tobacco Exports Rake In $214m

Source from:  Chronicle 05/29/2019

The country has so far earned US$214 million from the exportation of 52 million kilogrammes of flue-cured tobacco to various parts of the world.

According latest statistics provided by the Tobacco Industry and Marketing Board (TIMB), there has been a 55 percent increase in export earnings from the US$138 million earned during the same period last year when the country exported 28 million kilogrammes of the golden leaf.

The export growth comes despite a myriad of challenges experienced at the beginning of this year’s marketing season in March.

Chief among the challenges are low prices which have resulted in subdued delivery of tobacco to the auction floors as farmers apparently hold on to their crop in anticipation of an improvement in prices.

Government has, however, said it is clamping down on illegal buyers of tobacco who are reportedly behind product leakages and low prices of the golden leaf.

“We are aware of the leakages in the tobacco sector, we were made aware that there was inside marketing taking place where bogus people were buying tobacco directly from the farmers and then taking it onto the floor.

“Some corrupt systems have been taking place between illegal buyers and those operating the floors, allowing the buyers to deposit their tobacco there. That is inside marketing contributing to low prices but also leakages as well. The law is taking course because they are illegal buyers of tobacco,”  Finance and Economic Development Professor Mthuli Ncube said on Monday.  Enditem