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HomeBusinessTobacco’ earnings up by 38%: country realizes US$125 million in ten weeks

Tobacco’ earnings up by 38%: country realizes US$125 million in ten weeks

Malawi Tobacco
File Photo: Tobacco: Malawi’s forex earner

LILONGWE-(MaraviPost)-Malawi accrued US$125 million in in tobacco sells in the past ten weeks since tobacco marketing season officially opened on April 10, this year.

This is the latest statistics obtained from the Tobacco Control Commission (TCC), which shows the market earned 38 percent more than what was sold during the same time in 2016.

TTC disclosed that 65.1 million kilograms of the green gold have gone through the auction floors, against 61 million kilograms recorded last year. This represents a seven percent increase.

 

According to the tobacco’s regulatory body, the current average price hovers at US$1.91 per kilogram, against US$1.47 per kilogram during the same period in 2016.

 

The Commission adds that during the ten weeks, burley tobacco earned US$84.4 million from a total volume of 50.1 million kilograms against last year’s US$70.2 million.

“The average price for burley stands at US$1.68 per kilogram, which represents a 27% increase, while flue cured tobacco fetched US$36 million.

“The average price for flue is currently at US2.81 per kilogram and represents an increase of 13% and with the total earning at 38% in ten weeks,” reads the TCC statement made available to The Maravi Post.

TCC Acting Chief Executive Office Luka, attributed the high green gold earnings to high quality leaf, which buyers are happy with at the market.

Luka observed that in this year’s marketing season, there is much progress with little challenges when compared to last year.

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