Thursday, March 14, 2013

(NEWZIMBABWE) Tobacco sales generate US$61 million

Tobacco sales generate US$61 million
13/03/2013 00:00:00
by Business Reporter

THE Tobacco Industry and Marketing Board (TIMB) says Zimbabwe has so far earned US$61,1 million from tobacco sales, a 7.4 percent increase from US$ 56, 9 million realised same period last year.

TIMB says at least 10,9 million kg of tobacco were sold through contract sales since the beginning of the 2013 marketing season a month ago while the remainder went under the hammer.

Approximately 216,028 bales were delivered to the three auction floors - Boka Tobacco, Tobacco Sales and Premier Tobacco - while 16,909 bales were rejected.

On daily total sales, 679 499kg worth US$2, 6 million of the golden leaf were sold day 19 compared to last year’s figure of 576,932 kg worth US$2 million.

Last year, Zimbabwe produced about 144.5 million kg of tobacco, surpassing the projected 130 million kg, with sales raking in US$527,6 million.

Since the adoption of multiple foreign currencies in Zimbabwe, the tobacco industry has helped fire the economy’s recovery from the meltdown of the past decade with some70,000 farmers registered to grow the crop this season.

Tobacco is one of Zimbabwe’s major agricultural exports, accounting for 10,7 percent of the country's gross domestic product (GDO). Major export destinations for the crop include China, Britain, South Africa, Indonesia, the United Arab Emirates, Mauritius and Russia.

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