The country’s green gold has so far managed to earn $50.6 million in foreign exchange since the tobacco market opened in April, which represents a decrease of 36 percent as compared to the money realised during the same period last year.
Sales statistics from the Tobacco Control Commission (TCC) for week seven show that the country has earned $50.6 million from the green gold against $79.6 million earned during the same period last year.
So far 36.9 million kilogrammes of tobacco have gone through the auction, against 50 million kilogrammes that were sold during the same period last year representing a 26 percent decrease.
A weekly commentary of the market released by AHL Group shows that the tobacco market has stabilised as evidenced by the absence of sales stoppages on both contract and auction sales and with an improvement on the no-sale rejection percentage.
“Dark fired tobacco sales started with pomp in 2016 with an average of $2.09 in week seven of sales as compared to $1.92 same week in 2015,” reads part of the commentary.
AHL further said average prices for burley tobacco have been improving to stand at an average of $1.39 per kilogramme during the week under review representing a four percent increase compared to the previous week.