Precious Manomano
Herald Reporter
ZIMBABWE’S tobacco export earnings have surpassed US$1 billion this year, driven by increased volumes and strong demand from the Far East, which remains the country’s largest export market.
Statistics from the Tobacco Industry and Marketing Board (TIMB) show that the country has exported 189 982 200 kilogrammes of tobacco worth US$1 002 786 900 at an average price of US$5,28 per kg so far this year.
The figures represent an increase from 154 263 676 kg valued at US$844 015 204 exported during the corresponding period last year, reflecting growth in both volumes and earnings.
“The country has exported 189 982 200 kilogrammes of tobacco worth US$1 002 786 900 at an average price of US$5,28 per kg,” the TIMB statistics show.
The Far East accounted for the largest share of exports, taking 84 334 484 kg worth US$577 213 140 at an average price of US$6,84 per kg.
The region’s imports of Zimbabwean tobacco increased from 64 704 780 kg valued at US$439 357 154 during the same period last year, underlining its importance to the country’s tobacco industry.
According to TIMB, “84 334 484kg worth US$577 213 140” was exported to the Far East, making it the leading destination for Zimbabwean tobacco.
Africa was the second-largest export destination by volume, with shipments rising to 42 324 263 kg worth US$169 375 553, up from 28 800 623 kg valued at US$135 898 993 last year.
However, the average price in the African market declined from US$4,72 to US$4 per kg, highlighting differences in returns across export destinations.
In the Middle East, exports amounted to 22 271 668 kg valued at US$69 360 481, compared with 22 790 444 kg worth US$67 195 860 during the corresponding period last year.
Despite a slight decline in volumes, the average price improved from US$2,95 to US$3,11 per kg.
Exports to the European union declined to 19 869 409 kg worth US$93 019 190, down from 23 524 185 kg valued at US$135 812 557 last year.
The average price in the market also fell from US$5,99 to US$4,68 per kg, contributing to the decline in earnings.
In other European markets, exports increased to 12 492 236 kg valued at US$62 105 040, compared with 9 032 964 kg worth US$44 824 486 during the same period last year. The average price edged up from US$4,96 to US$4,97 per kg.
Shipments to the Americas also rose to 8 690 160 kg valued at US$31 713 496, up from 5 382 120 kg worth US$20 684 823 last year, although the average price declined from US$3,84 to US$3,65 per kg.
