Zimbabwe: Tobacco exports generated $360 million since Jan. 2018
(Ecofin Agency) - In Zimbabwe, revenues from tobacco exports amounted to $360 million since the beginning of this year according to the Herald, quoting data from Tobacco Industry and Marketing Board (TIMB).
Out of this figure, the regulator indicates that farmers captured the largest share ($236.3 million) while exporters received $123.9 million. Although these export revenues are down by 15% from the same period last year, TIMB forecasts a steady increase in income until August owing to a surge in market price.
“The average earnings per kilogram stands at $2.87 per kg against last year’s $2.76/kg, and this signifies a 3.7 percent increase. This shows that this year’s prices are more attractive than last year’s, which is good news for the farmers,” TIMB revealed.
Let’s recall that tobacco is, with gold, Zimbabwe’s main foreign exchange reserve. It is mainly grown in Mashonaland (North side) and is mainly exported to China, South Africa, Belgium and the United Arab Emirates.