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Wednesday, July 24, 2024

Zimbabwe registers over 45 % increase in tobacco earnings

Story by Stanley James, Business Editor

With a week left for the closure of tobacco auction floors, Zimbabwe has recorded a 45% rise in tobacco earnings this selling season to over US$890 million.

As the 2023 tobacco selling season is expected to end on Friday next week, government interventions have seen the sector on a strong path to growth.

With the latest statistics showing that over US$890 million has been realised so far from tobacco sales compared to US$605 million last year, authorities are impressed with the growth in the entire tobacco value chain.

Tobacco Industry and Marketing Board Spokesperson, Mrs Chelesani Moyo Tsarwe says the focus is now towards increased output and consolidating current gains.

“The 2022/ 2023 tobacco selling season has been progressing very well as of day 90 TIMB had recorded a total of 290 million kgs of tobacco valued at US$880 million, this is the highest ever volumes of tobacco ever recorded in Zimbabwe 

this is in comparison to 198 million kgs of tobacco recorded during the same period last year and was valued at US$605 million, deliveries at the floors are now low and stakeholder consultations are underway on the official closure of the floors,” she said.

Tobacco is considered a strategic element in terms of socio-economic development as the Reserve Bank of Zimbabwe ranks the golden leaf among the top five foreign currency-earning commodities for Zimbabwe.

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