Zimbabwe tobacco sales hit $130m

Zimbabwe has earned $130,6 million from the sale of 41,78 million kilogrammes sold at an average price of $3.13 per kilogramme since the opening of this marketing season on February 19.

The volume of tobacco sold to date is a 22.59 percent improvement from the less than the 43, 08 million kgs worth $126, 3 million sold during the comparable period last year.

Statistics released by the Tobacco Industry and Marketing Board show that of the tobacco sold so far, 28.9 million kilogrammes went through contract sales while the remainder went under the hammer.

At the close of the 2012/13 marketing season, 166.5 million kilogrammes of tobacco had been sold at an average price of $3.70 per kilogramme, realising $616.1 million in sales.

The Government this year set output at 170 million kgs after many farmers turned to tobacco, abandoning other cash crops which do not have attractive producer prices.

Since the adoption of multiple foreign currencies, the tobacco industry has become one of the fastest to recover from the economic meltdown of the past decade.

The sector has been on a rebound with over 70 0000 farmers registering to grow the crop this season.

Tobacco is one of Zimbabwe's major agricultural exports, accounting for 10,7 percent of gross domestic product.

Export destinations for Zimbabwean tobacco include Belgium, United Arab Emirates, China, Sudan, Hong Kong, Indonesia, Philippines, United Kingdom and Russia.