NEARLY 40 million kilograms of tobacco have been sold since the marketing season opened in February earning the country just over US$121 million.
The Tobacco Industry and Marketing Board (TIMB) said 39.1 million kilograms of the golden leaf have gone under the hammer raising US$121.2 million for the liquidity-starved economy.
The volumes delivered are also 8.9 percent better compared to the same period last year.
Prices are averaging US$3.10 per kg, a 9 percent improvement on the comparative period last year.
The TIMB said about 25.5 million kilograms of the crop was sold through the auction system while the balance came from contract arrangements.
The government has also revised upwards the overall production forecast for the season to 86 million kgs from the initial 77 million.
Production of the crop – a key foreign exchange earner for the economy – is recovering have plummeted from peaks of about 200 million kgs over the last decade.
The decline in output has been blamed on the country’s land reforms while the new farmers have not been given adequate technical and financial support to boost production.
No comments:
Post a Comment