Foreign exchange earnings from tobacco have neared half a billion dollars following an overly successful 2014 agricultural season.
Zimbabwe has exported at least 85,407,667 kilograms of the golden leaf worth $448, 9 million at an average price of $5,26 per kilogram.
The 2014 tobacco exports are a huge leap from last year’s figures where at least 76,400,702 kgs of tobacco worth $374,7m at an average price of $4,91 per kg was sold.
Latest data from the Tobacco Industry and Marketing Board (TIMB) show that Belgium has so far been the biggest buyer of local tobacco, snapping up 21,106,990 kilograms at an average price of $4, 77 per kilogram, fetching $100,5m for the economy.
Last season, China bought 20,047,750 kgs of tobacco and was the largest export destination for the golden leaf, compared with this season’s where the Asian giant economy, bought 21,053,425 kgs worth $169,8m, slightly losing out the first and largest export destination to Belgium.
South Africa, Zimbabwe largest trading partner took up 10,782,044 kgs of tobacco worth $42,7m this season.
In terms of firm prices for the golden leaf, China remains in pole position as the best selling option. The average price for exported tobacco stands at $8,07 trouncing Belgium and South Africa.
TIMB said farmers’ appetite to grow tobacco continued on a growth trajectory as evidenced by growth in new farmer registrations for next season.
“To date, about 75 580 growers have registered for 2015 season as compared to about 71 579 who had registered by the same period last year,” according to the tobacco marketing regulator.
Agencies
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