HomeNewsTobacco sales up 40%

Tobacco sales up 40%

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Tobacco Industry and Marketing Board (TIMB) chief executive officer Andrew Matibiri yesterday said current tobacco sales were 40% higher than those recorded during the same period last year.

Matibiri said tobacco selling had progressed smoothly with less congestion.

He said more tobacco was still expected to be delivered to the floors as some was still on the fields.

A total of 38,1 million kg of tobacco had been sold by Tuesday this week, generating $141,6 million in the process.

The tobacco that has gone under the hammer indicates a 20,89% increase from last year’s figure of 31,5 million kg during the same period.

Last year’s figure had earned $95,1 million in revenue selling at an average price of $3,02 per kg.
According to the figures, the average selling price was $3,72 per kg by day 34.

At least 494 858 bales were delivered to the floors by farmers for auctioning, while 28 131 bales had been rejected for various reasons.

On daily total sales, 1,7 million kg worth $6,6 million of the golden leaf was sold on day 34 compared to last year’s figure of 1,4 million kg worth $4 million.

At least 23 669 bales were delivered on the same day for auctioning compared to
19 989 bales during the same period last year.

The report noted both seasonal and contract prices were favourable as compared to the same period last year.

A total of 150 million kg of the crop is expected to be delivered this year.

At the beginning of the marketing season TIMB said it anticipated at least 150 million kg of the crop this year.

Last year, 133 million kg of the golden leaf went under the hammer.

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