Zimbabwe: Tobacco Sales Hit U.S.$650 Million - 2022 Auction Season Closes Amid Positive Growth

Tobacco sales from the 2022 marketing season raked in a total US$650 million up from US$589 million last year, which was an increase in both value and volumes.

The agriculture subsector is targeting to become a US$5 billion industry by 2025.

According to latest figures from the Tobacco Industry Marketing Board (TIMB), there was a 10,3 percent increase in value, and 0,75 percent in volume during the 2021 sales.

In a statement announcing the close of 2022 tobacco marketing season, TIMB expressed delight in improved sales volumes and deliveries to auction floors.

"TIMB wishes to advise all stakeholders that the final sale of tobacco for the 2022 tobacco marketing season was 21 October 2022. Therefore, all contract and auction floors are closed," reads the statement.

"As of 21 October 2022 a total of 212 711 370 kilogrammes of tobacco had been sold at a value of US$650 308 534.

"This is an increase when comparing to 211 100 219 kilogrammes sold during the same period in 2021 at a value of US $589 573 827."

Zimbabwe's tobacco industry according to TIMB is on course to reach the US$5 billion target.

"The increase in tobacco sold as well as the value is evidence of our efforts as an industry to establish a US$5 billion industry by 2025," said TIMB.

This article originally appeared on New Zimbabwe