Zimbabwe earns US$ 125 million from tobacco exports

Reading time 1 min.
Flag of Zimbabwe
Flag of Zimbabwe

Zimbabwe said Tuesday it had earned US$ 125 million from tobacco exports, with only half of the crop sold. The Tobacco Marketing Industry Board (TIMB), an industry representative group, said a total of 39.1 million kilogrammes of the crop, representing half of the country’s tobacco output this year, had so far been exported since auctions began three months ago. It said the crop had been sold at an average price of US$ 3.20 per kilogramme, slightly higher than they were sold last year. Demand was strong, especially from importers from Asia, China in particular, TIMB said in a statement. Tobacco is a major export crop for Zimbabwe, and until recently it was the country’s main source of foreign currency earnings. Production has, however, slumped drastically after the government drove off white farmers, the main producers, from their farms under a controversial land reform programme. This year, the government expects around 80 million kilogrammes of tobacco to be marketed.

Zimbabwe  Read latest news and features from Zimbabwe : business, politics, culture, life & style, entertainment and sports
Support Follow Afrik-News on Google News