Zimbabwean tobacco farmers have earned about $3,6 million from the sale of the golden in the first week of the season, a 33 percent increase from the $2,7 million that was realised in the same period last year.
The golden leaf remains one of the country’s main sources of revenue, generating about $700 million annually and accounting for a large chunk of export receipts.
Figures from the Tobacco Industry and Marketing Board show that approximately 2 million kg of tobacco has gone through the auction floors, 55 percent more than last year.
Contract sales reached $1,2 million from 509 261 kg in the period under review while auction sales stood at 1,5 million kg worth $2,4 million.
From the 29 606 bales laid this year, only 2 032 were rejected, accounting for the decline in the percentage of rejected bales to 9,23 percent from 18.06 percent in 2015. Despite the increase in volumes, farmers are receiving lower prices for their crop than they got during the same period in 2015. TIMB says tobacco sold for an average price of $1,79 per kg on Tuesday, down from $2,08 last year. Read More
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