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Thursday, July 18, 2024

Tobacco rakes in US$150 million in one month

Story by Davison Vandira, Business Reporter

The 2023 tobacco marketing season, which is still in its early stages, has already indicated its potential to be one of the best seasons as it has already generated USD$149 million as compared to USD$141 million at the same stage last year.

Forty-nine million kilogrammes have since been sold, representing a one million kilogrammes increase from last season’s figure.

The average price has been USD$3, amid revelations that there is an improvement in the quality of the golden leaf being delivered by farmers.

According to the Tobacco Industry and Marketing Board (TIMB), the current season’s pricing matrix has by far been the fairest as prices have been firmer with the highest price having hit the USD$5.60.

The 2023 tobacco marketing season has fewer incidences of side marketing, while the TIMB’s interventions have seen some 488 growers being struck off the roll this Wednesday as the regulator cracks down on nefarious activities.

Zimbabwe is pursuing the Agriculture Transformation and Sustainability Agenda and good returns from the golden leaf are set to set the tone for the attainment of a USD$8 billion agriculture industry by 2025.

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