Chronicle Editor
Senior Business Reporter
THE Tobacco Industry and Marketing Board (TIMB) sold 7 233 kilograms of shisha tobacco on its maiden trade selling at an average price of $4.40 as the tobacco industry seeks to increase tobacco value addition and beneficiation.
The tobacco board said there are lucrative markets across Africa and Europe for shisha tobacco.
“We have opened the market for shisha selling 7 233 kgs on day 1 at an average price of $4.40. There are lucrative markets across Africa and Europe. Shisha presents huge opportunities for Zimbabwean farmers,” said the tobacco board on its official Twitter handle.
Recently, TIMB said it licensed a company to support the farming of Shisha tobacco and process it in Zimbabwe.
The 2023 tobacco selling season officially began early this month with the Government calling for transparency among actors in the industry to eliminate farmer deprivation by middlemen while enhancing fairness and sustainability in contract and auction sales.
The first bale fetched US$4, 35 per kg which was slightly higher than the US$4, 20 per kg fetched by the first bale last year.
Sales are being conducted at the Tobacco Sales Floor (TSF) and Premier Tobacco Auction Floors (PTAF).
Production is this year expected to increase by 8, 5 percent year-on-year and foreign currency retention hike is part of the Government’s efforts to ramp up production to a national target of 300 million kg by 2025.
The golden leaf, as tobacco is colloquially referred to, is the country’s single second largest foreign currency earning export product after gold and the Government is keen to see its continued production growth, as the Government targets to grow the sector to a US$8, 2 billion economy.
Online Reporter