A tobacco auction in Harare

Zimbabwe tobacco sales continue on positive trajectory

HARARE – Earnings from the sale of the golden leaf for the current year’s marketing season continue to be significantly ahead of last year complimented by better average prices, statistics from the Tobacco Industry and Marketing Board (TIMB) shows.

The data shows that total sales from both contract and auction floors stood at US$537.6 million as of day 74, 26.57 percent ahead of US$424.7 million sold during the same period last year.

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The country’s exports value has seen a significant increase following the start of the tobacco selling season in April 2021.

The latest data from the Zimbabwe National Statistics Agency (ZIMSTAT) shows that cumulative exports for May jumped 9.5% to US$468.8 million ahead of the same period last year.

This was driven by tobacco export earnings which accounted for 22% of the total exports at US$103.1 million from 9% in April (US$40 million).

The average selling price at US$2.77/kg this season is also ahead of the US$2.49 that existed during the same period last year and is complemented by higher deliveries to both contract and auction floors.

A total of 194.0 million kgs has been sold as of day 74, 13.49% above 170.9 million kgs that had been sold during the comparative period last year.

The numbers of tobacco bales laid to date by both the auction floor and contract farmers are 19.36 percent higher than the same period last year while bales sold are 19.70 percent ahead of SPLY.

The season is progressing with only contract sales still open following the closure of auction floors on 14 July 2021.

TIMB advised that the flue-cured auction tobacco clean-up sale for the 2021 marketing season will be held on Wednesday 5th August 2021, and maybe continued for more than one day depending on the volume of deliveries.

  • Source: Equity Axis News

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