By Almot Maqolo.
Harare, Zimbabwe (News of the South) – Tobacco sales have so far raked in $497.978.304 million as of Thursday as the selling seasoncontinues, latest statistics from the industry regulator shows.
In the same period last year, 172.981.407 million kilograms of the golden leaf was sold, raking in $507.979.485 million.
Tobacco is the country’s single largest export commodity, ahead of platinum and gold.
Tobacco Industry Marketing Board (TIMB) statistics for the week ending June 29 shows that the deliveries of the golden leaf have continued to pile up albeit liquidity challenges facing the country.
Of the 169.383.354 million kilograms of tobacco sold, the contract farming system have handled 30.428.427 million kg while the auction system handled 138.954.927 million kg.
Many communal farmers have been abandoning other cash crops such as cotton for tobacco owing to the favourable prices.
The average price per kg for the golden leaf remains as compared to the same period last years at $2.94.
Tobacco Sales Floor bought tobacco at an average price of $2.89 per kg, Boka Tobacco Auction Floor at $2.77 per kg and Premier Tobacco Auction Floor at $2.83 per kg.
TIMB said the number of rejected have continued with their “downward” trend from 169.555 of same period last year to 135.809.
Tobacco bales sold declined to 2.139.770 from 2.169.930. Meanwhile, 47.170.848 million kg have been exported to 48 destinations, raking in $222 million with China remains the top destination of the golden leaf followed by Belgium and South Africa.
The average export price stood at $4.71.
Zimbabwe’s agriculture sector is poised to grow by 12 percent mainly on the back of the good farming season whilst this year’s tobacco output is projected at 200 million kilograms.
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