admin
Munesu Nyakudya Business Reporter
Tobacco Industry and Marketing Board (TIMB) seasonal sales are down 15 percent from the same period last year.
Latest data shows that 178,9 killogrammes of tobacco have been delivered from 196,6 million over the same period last year at an average price of $2,94/kg. Last year’s average price was at $3,18/kg.
Sales from the tobacco brought in $525,9 million compared to $625,1 million.
This year’s crop was affected by heavy rains that delayed the harvesting and subsequently the opening of the floors. This also affected the quality of tobacco resulting in low prices.
The average price for contract sales for the period under review stood at $3,10 per kg compared to $3,33 per kg at the same time last year.
Meanwhile, there has been a significant improvement in tobacco exports compared to the same period last year. The three top buyers are China, South Africa and Indonesia while Belgium, the United Arab Emirates and South Africa were the top buyers during the same period last year.
China is currently leading having imported 20 million kg of the golden leaf for $171,8 million. Observers attribute China’s dominance to the fact that it has been offering the highest average price for the local crop at $8,53 per kg.
The second highest importer is South Africa, which has purchased 7,1 million kg for $21, 2 million, but at a significantly lower average purchase price of $3,03 per kg. Indonesia took up 4,9 million kg valued at $17,2 million at an average buying price of $3,98 per kg.
Online Reporter