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Business Reporter
A TOTAL of 164,1 million kilogrammes of flue-cured tobacco have been sold at the auction floors. The Tobacco Industry and Marketing Board (TIMB) yesterday conducted mop up sales for this year’s selling season that ended early last month. Statistics on mop up sales were not available from the Tobacco Industry and Marketing Board (TIMB) by the time of going to print as buyers were still compiling figures.
“The weekly throughput recorded slightly above 600 000 kg.
“The cumulative volume rose to 164.1 million at an average price of $3,69 compared to last week’s seasonal volume of 163,5 million at the same average price.”
“During a similar period in 2012, a total of 141.3 million kg were sold at an average price of $3,67 a kg,” said TIMB spokesperson Mr Andrew Masimbe.
Last week, the marketing board indicated that mop up sales could be extended by one day to facilitate a complete clean up sale.
However, information gathered by this paper yesterday showed that all the farmers managed to deliver their crop during the clean up exercise.
Stakeholders in the tobacco sector targeted to achieve 170 million kg during the just-ended marketing season.
The tobacco industry has led in anchoring the agriculture sector, which has been identified as one of the major economic mainstays of Zimbabwe.
The tobacco sector has become instrumental in easing liquidity challenges the economy was facing since the adoption of a multi-currency system in February 2009.
Official figures from the Ministry of Finance show that as at 18 July $597,9 million had been raised from 162 million kgs of tobacco that went under the hammer at an average price of $3,70 a kg since the beginning of the selling season mid February.
And TIMB has indicated that as at 2 August, $204,2 million has been generated from 49,3 million kg exported regionally and internationally.
Online Reporter