Tobacco earns $500 million as exports grow nearly 29 percent

Zimbabwe’s tobacco exports have increased 29 percent as at October 9, earning the country $500 million compared to $406 million last year, statistics from the  industry regulator show.

In a trade update, the Tobacco Industry and Marketing Board (TIMB) said Zimbabwe had exported 102.3 million kg of tobacco at an average price of $4.90 per kg compared to 79 million kg at $5.14 per kg last year.

China has bought 26.3 million kg of the leaf at an average price of $8.14 per kg totaling $214.4 million.

Belgium, the biggest buyer of the Zimbabwe’s tobacco last year, has so far 12 million kg worth $50.3 million at an average price of $4.17 per kg.

Neighbouring South Africa bought 10 million kg worth $30.8 million at $3.08 per kg.

TIMB said the country had realized a 32 percent fall in tobacco imports to 1.8 million kg from 7.6 million kg last year.

Zambia remained the main source of tobacco imports which are used for blending purposes by local manufacturers supplying the country 919 800 kg at an average price of $1.49 per kg valued at $1.3 million.

Imports from India totaled 305 529 kg at an average price of $4.61 valued at $1.4 million.-The Source

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