HomeBusinessTobacco exports up 9%

Tobacco exports up 9%

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TOBACCO exports have grown by 9% to 43 million kg with the bulk going to China according to latest statistics from the Tobacco Industry and Marketing Board (TIMB).

BY TARISAI MANDIZHA

In the same period last year exports were 39,6 million kg.

Latest statistics from TIMB showed that as of Sunday, tobacco worth $206 million had been exported down 13% from $236,7 million recorded in the same period last year.

China took the bulk of the crop after importing 13,8 million kg of the golden leaf valued at $114,4 million. The average price was $8,28 per kg.

Belgium was the second top export destination after importing 4,7 million kg valued at $7,9 million. Korea, Russia and Indonesia were, third, fourth and fifth, respectively.

During the same period last year, China imported 20,2 million kg of tobacco valued at $163,8 million. The average price was $8,11 per kg.

TIMB said the e-marketing system has stabilised, although there was need to increase the speed of the bidding process.

It said the cash challenges continue, as some banks were failing to meet the withdrawal limits set by the central bank.

In the period under review, total deliveries as at April 23, 2017 were 52,5 million kg, which was 34% higher as compared to 39,1 million kg in the prior season.

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