HARARE – Zimbabwe’s tobacco auctions have so far raked in over US$697 million for this season after the sale of over 200 million kilogrammes of the golden leaf, latest statistics have shown .
According to data released by the Tobacco Industry and Marketing Board (TIMB), 201,4 million kg of tobacco worth US$697, 6 million had been sold by day 68 of marketing since the season opened.
This is however down 25.1 percent from 269 million kg valued at US$813 million recorded during the same period last year.
Of the total volume of tobacco sold, 190 million kg were sold via the contract system, while only 11.3 million kg came from individual farmers through the auction.
This is because most of the growers are contracted by private companies to produce the crop and receive seed, fertilisers and chemicals, helping to boost output.
The average price was US$3.46 per kg, up by 14.5 percent from US$3.02 per kg recorded over the same period last year.
At least 2,673,473 bales were accepted, while 78,458 were rejected for various reasons.