Zimbabwe surpasses tobacco target, earns $583m from sales

Login

Register

http://www.clubofmozambique.com/

Zimbabwe surpasses tobacco target, earns $583m from sales

5:45 CAT | 21 Jun 2018

Zimbabwe has surpassed its target of selling 200 million kilogrammes of tobacco, with about a month to go before the close of the 2017/18 marketing season. According to statistics released by the Tobacco Industry and Marketing Board (TIMB) on Thursday, a total of 200.3 kg of the golden leaf had gone under the hammer by day 60 of the marketing season on Wednesday.

The marketing season opened on March 21 and is expected to run until the end of July or early August.

The tobacco sold so far has grossed around US$583 million, with the average price of US$2.91 per kg.

This is more than five percent above the US$553 million that the country earned during the whole of the 2016/17 marketing season.

Tobacco is one of Zimbabwe’s top foreign currency earners and production has been on an upward trajectory since slumping to around 80 million kg at the height of the country’s controversial land reform programme in the mid-2000s.

Source: APA