Tobacco Deliveries Increase By 98%

The tobacco Industry and Marketing Board (TIMB) yesterday said flue-cured tobacco deliveries for the first 13 days have increased by 98 percent this season compared to the same period last year, while sales are up by 124 percent.

By April 19th ot this year, some 14.5 million kg of tobacco had gone under the hammer fetching $36.5 million for farmers compared to 7.2 million kg valued at $16.2 million sold for the same period last year.

The golden leaf was sold for an average price of $2.53/kg, 13 percent more than $2.23/kg recorded for the same period last year.

Of the total deliveries, total auction sales stood at 3.8 million kg valued at $7.2 million, while contracts sales were 10.6 kg at about $29.2 million.

Refected bales in the week stood at 7.5 percent of the total 47 percent down from the 14.3 percent rejected prior comparable period. Total bales laid stood at 191 274 up 107.2 percent from the 107 719 recorded for the same period last year.

Bales sold were up 64.2 percent from 92 281 to 176 910 during the week under review, as the highest price for the week was 21 percent lower than the $6.25 recorded prior year at $5.60.

The lowest price offered for the leaf remained flat at $0.10 with the weight of the average bale up three percent to 82kg from 79kg. Read More>

Zimbabwean tobacco farmers earn $3,6m

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