Tobacco export earnings rise to $422.8m

Oliver Kazunga, Senior Business Reporter
ZIMBABWE’S tobacco export earnings have increased by 10.5 percent to $422.8 million compared to $382.6 million generated during the same period last year.

The country exports flue-cured tobacco to different countries across the world.

Latest data from the Tobacco Industry and Marketing Board (TIMB) show that as at September 21, 2017, 97.8 million kilogrammes had been exported compared to 78.6 million kilogrammes exported during the same period last year.

The average price of the tobacco declined by 11.3 percent  compared to last year.

During the same period last year the average price of the exported tobacco stood at $4.87 per kg.

The the top five consumers of flue-cured tobacco from Zimbabwe are China, South Africa, Belgium, United Arab Emirates and Indonesia.

China, the largest consumer of tobacco from Zimbabwe has so far imported 20.3 million kilogrammes worth $161.3 million at an average price of $7.94 a kg.

On second spot is South Africa having so far imported 37.8 million kilogrammes valued $37.8 million at an average price of $2.72 a kg.

Belgium was on third spot having so far imported 12.2 million kilogrammes valued $32 million averaging $2.62 a kg while United Arab Emirates was on fourth position spending $12 million on 6.5 million kilogrammes with an average price of $1.85 a kg.

Indonesia was on fifth position spending $26.4 million on 6.3 million kilogrammes with an average price of $4.20 a kg.

Since the beginning of the year 58 countries were buying tobacco from Zimbabwe compared to 57 that imported the golden leaf during the same period last year.

Brazil, Jordan, Japan, United States of America, Zambia, Namibia, Botswana, Malawi, Lesotho, the United Arab Emirates, Hong Kong, India and Canada were some of the countries that imported tobacco from Zimbabwe

Tobacco is one of the country’s major foreign currency earners that has since 2009 been pivotal in improving liquidity.

Last year, Zimbabwe earned $933.6 million from 164.5 million kilogrammes of tobacco exported. — @okazunga