Tobacco exports up 14 percent

FLUE-CURED-TOBACCO

VOLUMES of tobacco, which has been exported so far now stands at 42.5 million kg, a 14 percent rise from those exported in the corresponding period last year, statistics released by the Tobacco Industry and Marketing Board (TIMB) show.

In its weekly tobacco bulletin, the TIMB said revenue from tobacco exports for this year currently stand at $204.3 million, an 11 percent drop from $228.7 million grossed during the same period last year.

The tobacco crop is being exported at an average price of $4,81 per kg. China, Belgium, South Africa and Korea have been the major buyers of the flue-cured crop out of 46 countries.

China remains the top destination for local tobacco, after buying 13.8 million kg worth $114.4 million at an average price of $8,28 per kg. The second largest buyer is Belgium, which imported 4.7 million kg valued at $7.9 million while exports to Korea were 2.3 million kg valued at $10.6 million.

South Africa has topped the buyer’s list in Africa, buying 3.2 million kg of the golden leaf valued at $6.7 million. Meanwhile, TIMB said deliveries at both auction and contract sales rose significantly from a daily average of 3 million kg to current 4 million kg per day.

TIMB said at least 46.9 million kg of tobacco worth $125.8 million has been sold through both contract and auction systems after 21 days of selling. The tobacco is being sold at an average price of $2,68 per kg. The country anticipates an output of 202 million kg of tobacco during the 2016/17 selling season. —  New Ziana

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