NEW: Tobacco farmers rake in US$663 million

Online Reporter

FARMERS have pocketed US$663 million from this season’s tobacco harvest over the 64 days of the marketing season.

According to the Tobacco Industry and Marketing Board (TIMB), 191 million kg of tobacco valued at US$663 million had been sold at an average price of US$3,47 by June 14, 2024.

This shows a 26 percent decrease from the US$787million earned during the same period last year.

Auction floors have taken delivery of 10 million kg, while contractors have received 180 million kg.

The highest price achieved to date is US$6.99 per kg, while the lowest is US$0.10.

About 2,5 million bales have been sold since the beginning of the marketing season.

The 2024 tobacco marketing season started on March 13.

This marketing season’s tobacco volume will be lower than last year’s 296 million kilogrammes after the EI Nino phenomenon affected the final output.

Experts are predicting around 260 million kilogrammes this season.