THE Tobacco Industry and Marketing Board (TIMB) recorded an increase in tobacco deliveries in the first 24 trading days of the season for this year compared to last year same period.
Business Reporter
Figures provided by TIMB show that as of Monday, the delivered crop represented a 14,67% growth in deliveries, with 24,7 million kg valued at $90,7 million having gone under the hammer during the period under review.
Tobacco has been sold at an average price of $3,67 per kg just a fraction higher than last year’s average price of $3,66 per kilogramme.
The sales comprised 15,5 million kg contract and 9,2 million kg auction sales.
On Monday, Boka Tobacco Auction Floors sold 3,299 million kg followed by Tobacco Sales Floor with 3,268 million kg, and Premier Tobacco Floor with 2,632 million kg.
At least 347 101 bales were accepted, while 23 078 bales had been rejected for various reasons.
TIMB attributed the rise in deliveries to an increase in the number of farmers taking their crop to auction floors. According to TIMB weekly tobacco report, about 77 604 growers have registered for the 2013 season compared to about 51 606 who had registered by the same period last year.
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“The weekly throughput for week five recorded 7,5 million kg was up from 5,9 million kg delivered last week. Bales delivered at the three auction floors during week five totalled 50 153 compared to 57 787 bales from contract purchases,” says the TIMB weekly tobacco report. On exports, TIMB said South Africa maintained pole position having bought 7,6 million kg valued at $23 million.
Tobacco worth $16,1 million and $5 million respectively has been bought by United Arab Emirates and Chinese merchants.
TIMB projects 170 million kg of the golden leaf to be brought to the auction floors this season.
In the 2012/2013 marketing season, 144 million kg of tobacco were sold, earning the country $525 million.
