HomeNewsTobacco rakes in $290 million

Tobacco rakes in $290 million

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A total of 108,7 million kilogrammes of tobacco had been sold by Monday this week generating $293 million in the process.

The tobacco that has gone under the hammer indicates a 31,19% increase from last year during the same period.

According to figures released by the Tobacco Industry and Marketing Board (TIMB) the average price has been $2,69 per kilogramme.

At least 1 321 118 bales had been accepted while 96 449 bales had been rejected for various reasons.

The total kilogrammes of tobacco sold this year for 78 days is more than the 82 307 078kg sold last year at an average price of $2,99 per kilogramme.

TIMB expects the average tobacco price to remain at $3 per kilogramme.

Tobacco output increased from 58 million kilogrammes in 2009 to 123 million kilogrammes last year.

In 2011, tobacco output is expected to increase to between 170 and 200 million kilogrammes on the back of increased hectarage.

According to statistics contained in the monetary policy, it is estimated that above 100 000 hectares of tobacco were planted in 2011.

Average tobacco prices are expected to remain firm, reflecting global supply and demand conditions while the coming back on board of renowned international buyers such as Japan Tobacco Industries and Premier Tobacco, is likely to boost tobacco prices.

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