Over US$500 mil realised from tobacco sales

By ZBC Reporter

Zimbabwe’s tobacco selling season ended this Wednesday, with close to 180 million kilogrammes having gone under the hammer, representing a 17 percent increase from last year.

Tobacco Industry and Marketing Board (TIMB) Chief Executive Officer Mr Meanwell Gudu says while there were some challenges this season, the ability of the auctions to hold sales under Covid-19 conditions reflect success.

The TIMB chief noted that there were a number of lessons learnt in relation to side marketing, capacitating farmers, technical skills and viable pricing models among other issues.

Cumulative sales were over 180 million killogrammes which is 17 percent above last year, with prices being firmer than the previous year due to improved quality of the commodity,he said.

University of Zimbabwe Business School Chairman, Dr Nyasha Kaseke highlighted the need to support tobacco growers to achieve set targets.

The tobacco growers are very key to the sustainability of the entire value chain so it is our thrust and belief to focus on their viability.

Data from TIMB shows that prices of the golden leaf firmed by 12 percent compared to last year, with more than 500 million United States dollars being realised from tobacco sales.

While the selling season has come to an end, it is the contract sales that are still in business as they wind up trading by mid next month.

The post Over US$500 mil realised from tobacco sales appeared first on ZBC NEWS.

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