Maravi

(NEWZIMBABWE) Tobacco exports to China top US$40m

Tobacco exports to China top US$40m
24/10/2012 00:00:00
by Business Reporter

ZIMBABWE exported tobacco worth US$40 million to China, representing about 40 percent of the overall crop produced this year, the Tobacco Industry Marketing Board (TMB) revealed this week.

TIMB chief executive Andrew Matibiri said exports to China attracted average prices of US$8.60 per kilogramme which was significantly better than the US$7.28 price achieved in 2011 when the country exported 57 million kgs.

“Our tobacco continues to be in demand the world over. China is not alone in the pursuit of our tobacco. This is so because of its good smoking flavour and very few cigarette brands globally are made without Zimbabwean components," said Matibiri.

Zimbabwe earned US$525 million for 144 million kgs of tobacco this season, a 46 percent increase from last year's US$360 million.

Overall output missed the 150 million kgs production target for the just ended season but tobacco farming continues to rebound after years of decline.

South Africa is the leading consumer of local tobacco in the region, importing 12 million kg last year and another 7 million kg this year. Elsewhere on the continent, Sudan imported one million kg last year and two million kg so far this year from Zimbabwe.

TIMB said Japan was offering the highest price for tobacco from Zimbabwe for the 2012 season at US$10,63 per kg. Britain, Belgium and the United Arab Emirates have also shown great interest in local tobacco, with the UK buying ten million kg last season and 11 million kg so far this year.

The UAE has so far imported five million kg from Zimbabwe, eight million kg shy of the figure it imported last season. Belgium last year imported nine million kg of local tobacco and has so far imported seven million kg.

Labels: ANDREW MATIBIRI, CHINA, TOBACCO

posted by MrK @ 3:20 AM