Zimbabwe tobacco auction rakes in $261m

By Nqobile Charles Bhebhe

Posted on June 3, 2011 15:02

Three tobacco auction floors in Zimbabwe have raked in $261m from sales of the golden leaf since February.

Information from auction floors released on Friday indicated that 98m kg of flue-cured tobacco had been traded since the opening of the tobacco marketing season in February and May compared with 72m kg sold in the corresponding period in 2010.

Tobacco Sales Floor has sold 28m kg worth $67m. Boka Tobacco Floors sold 12m kg worth $26m, whilst Millennium Tobacco Floors sold 7m kg with a value of $15m.

The average price for this year has remained at $2.67 per kg, compared to a $3.03 average in 2010. Meanwhile, industry insiders have indicated that about 135m kg of the crop is expected this year.

At the height of white farming activity, Zimbabwe regularly produced more than 220m kg of tobacco.

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