Tobacco exports rake in $743,3m

Business Reporter
Tobacco exports have raked in $743,3 million as at November 17, 2017, a marginal 1,19 percent increase from the comparable prior period. Figures from the Tobacco Industry and Marketing Board (TIMB) show that there was a 15 percent increase in tobacco exports to 153 million kg from last year’s 132 million kg although there was a decline in the average price of the golden leaf to $4,83 from last year’s $5,53 a kg.

Statistics from the Zimbabwe national Statistics Agency (ZimStat) shows that Zimbabwe’s major trade partners are South Africa, Zambia, United Arab Emirates, Mozambique, and Singapore. China, however, remains the largest importer of Zimbabwean tobacco.

As at November 17, 2017 China had imported 47 million kg of tobacco worth $372 million a decline from last year’s 52 million kg. South Africa has topped the buyer’s list in Africa, buying 20,5 million kg of the golden leaf valued at $62 million.

Other notable exports went to Belgium, which imported 18,4 million kg valued at $56,3 million while exports to Indonesia were 9 million kg valued at $37,8 million. The United Arab Emirates bought 9 million kg valued at $14,8 million, Russia 4,1 million kg valued at $18,9 million and Sudan 3,6 million valued at $12,1 million.

Meanwhile, the TIMB said the number of farmers who registered to grow tobacco during the 2016 /17 farming season rose by 36 percent to 98 983. The number of new farmers who registered to grow the golden leaf also rose 116 percent to 29 408 as more farmers opt for cash crops. The Reserve Bank of Zimbabwe (RBZ) also introduced a 12,5 percent export incentive to promote export oriented production.