12 °c
London
Tuesday, February 7, 2023
No Result
View All Result
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
No Result
View All Result
FurtherAfrica
No Result
View All Result
Home Africa

Zimbabwe Tobacco sales up by 58%

FurtherAfrica by FurtherAfrica
May 13, 2016
in Africa, Agriculture, Economy, Finance, Natural Resources, Trade, Zimbabwe
Reading Time: 2 mins read
813 43
0
Share via QRWhatsappShare on FacebookShare on TwitterLinkedInPinteresteMail

Despite the biting cash crisis that has resulted in tobacco payments being delayed, the golden leaf sales swelled by 58% in the first 27 days of the current marketing season compared to the same period last year, official statistics show.

Tobacco Industry Marketing Board (TIMB) figures for day 27 show that tobacco worth US$144 million has been sold so far, compared to US$91 million in the same period last year.

According to the figures, the volume of tobacco has also ballooned by 52% to 51,6 million kg from 33,7 million kg delivered during the same period last year, while the average tobacco price of US$2,79 this season is US$0,10 cents up compared to the US$2,69 obtaining during the same period last year.

This marketing season, monetary authorities moved to compel all tobacco farmers to open bank accounts in a bid to promote financial inclusion, but delays in processing the transactions triggered problems.

Compounded by the cash crisis, farmers are going for days before receiving their money upon delivering their crop.

Last Thursday, tempers flared at the auction floors as farmers protested against the Reserve Bank of Zimbabwe’s decision to cap the maximum withdrawal at US$1 000 per day.

However, on Friday, the apex bank elevated tobacco farmers to corporate clients and allowed them to withdraw a maximum of US$10 000 per day.

So far, the three licenced auction floors have bought 10,3 million kg of tobacco valued at US$24,8 million.

Contract floors have bought a huge chunk of the golden leaf amounting to 41,2 million kg worth US$119,2 million.

The highest price offered by auction floors as of day 27, has not exceeded the US$4,99 ceiling which courted criticism last year from TIMB Chairperson Monica Chinamasa.

However contract floors recorded a maximum price of US$6,25.

This year, the number of tobacco growers plunged by 22% from 92 430 last season to 71 728 after farmers failed to raise money for inputs due to poor prices.

Production this year is projected to dwindle to 170 million kg from 199 million recorded last year.

In 2010, production was 58,5 million kg before surging to 123,5 million kg in 2011 and growing further to 132,5 million kg in 2012. In 2013, 144 million kg was produced. In 2014, the country’s production grew to 216 million kg before dropping to 199 million last year.

With Brazil, India and Tanzania having downsized their tobacco production this year, it is estimated that global demand for the golden leaf will increase, pushing up local prices.

In 2014, the average tobacco price dropped to US$3,17/kg before tumbling further to US$2,93/kg last season, prompting some farmers to ditch production of the crop.

Source: Zimbabwe Independent

Related

Tags: CropFarmingReserve Bank of ZimbabweTIMBtobaccoTobacco Industry Marketing Boardzimbabwe
ScanSendShare342Tweet214Share60Pin77Send
FurtherAfrica

FurtherAfrica

Founded in 2015 FurtherAfrica is an online platform centralising news and content focusing on the development and growth story of the African continent.

Related Posts

Energy

Towards Africa’s US$1.5 Trillion green hydrogen economy

by Energy Capital & Power
February 6, 2023
Fintech

Morocco’s rocky crypto journey

by Web3Africa
February 6, 2023
The Forbes Billionaires’ list: Africa’s richest people 2022
Private Equity

Adenia Capital (V) gets 75% of its target size at first close

by Africa Global Funds
February 6, 2023
Energy

Angola and Belgium talk renewable energy cooperation

by FurtherAfrica
February 6, 2023
Ghana holds key interest rate in the face of inflation pressures
Economy

List of companies ordered by Ghana to pay back-taxes grows

by FurtherAfrica
February 6, 2023
Platform Africa 2023
 
Mozambique eVisa
 
MozParks
 

Translate this page

Read the Latest

Energy

Towards Africa’s US$1.5 Trillion green hydrogen economy

by Energy Capital & Power
February 6, 2023
0

A new study, titled, ‘Africa’s Extraordinary Green Hydrogen Potential,’ conducted by the European Investment Bank (EIB), International Solar Alliance and...

Read more

Morocco’s rocky crypto journey

February 6, 2023
The Forbes Billionaires’ list: Africa’s richest people 2022

Adenia Capital (V) gets 75% of its target size at first close

February 6, 2023

Angola and Belgium talk renewable energy cooperation

February 6, 2023
Ghana holds key interest rate in the face of inflation pressures

List of companies ordered by Ghana to pay back-taxes grows

February 6, 2023

FurtherAfrica Partners Network

The Exchange Club of Mozambique Taarifa Rwanda
TechGist Africa Africa Oil & Power Farmers Review Africa
Tanzania Invest Zambia Invest See Africa Today
Africa Global Funds Novafrica CrudeMix Africa
Harambee Africa Botswana unplugged Financial Insights Zambia
O Económico Digilogic Africa Web3Africa

Subscribe to FurtherAfrica

Enter your email address to receive new articles on your email.

Join 100,773 other subscribers.
FurtherAfrica

© 2021 FurtherMarkets

FurtherAfrica is a FurtherMarkets Limited platform

  • Countries
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

Follow Us

No Result
View All Result
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

© 2021 FurtherMarkets

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?