China and European countries dominated seasonal exports this year, figures by the Tobacco Industry and Marketing Board have shown.
According to the figures, total seasonal exports totalLed 137 462 406kg earning the country $681 million at an average price of $4,96 per kg.
A total of 51,9 million kg of tobacco was sold at $376 million at an average price of $7,24 per kg to China.
Exports to Belgium, United Kingdom, Germany, France, Poland, Netherlands, Australia, Yemen and Italy amounted to at least $100 million.
While seasonal import mass was at 19 510 tonnes kg with a value of $65,5 million at an average price of $3,36 per kg.
In the first two-and-a-half months of the tobacco selling season this year, China and European countries bought 40% of tobacco collectively while the other 20% went to the rest of the world.
The country failed to meet its 170 million kg target of tobacco output this year and sold 131 million kg as at September 20, 2011.
Output for this year for tobacco is expected to be 133 million tonnes while projections for 2012 stand at 150 million tonnes.
Finance minister Tendai Biti in his 2012 National Budget statement said the agricultural sector requires $2 billion annually to take advantage of its potential.
“In this regard, the projected growth in agricultural production of 11,6% in 2012 takes account of the number of financing facilities established by government, the banking sector, co-operating partners, seed and fertiliser suppliers in support of the preparation for the 2011/12 agricultural season,” Biti said.