Advertisement
Business

Tobacco rakes in $160.2 million

Market closes on August 28

Advertisement
Kaisi Sadala

The country raked in $160.2 million from s a les of tobacco, Malawi’s top export crop, by end of week, figures from AHL Group shows.

The revenue is 17.5 percent shy of $194.3 million the country realised during same period last year.

During the period under review, the country sold 105 million kilogrammes (Kgs) of all types of tobacco compared to 131.1 Kgs sold by end of week 16 last year.

Advertisement

Week on week average prices saw a 1 cent per Kg increase from $1.52 per kg in week 15 to $1.53 during the week under review.

Speaking in an interview, Tobacco Commission (TC) Chief Executive Officer, Kaisi Sadala, attributed the decrease in both revenue and volume traded to Covid-19 pandemic and a decrease in output this season.

Meanwhile, the Commission has announced that Lilongwe and Mzuzu markets would close on the August 28.

Advertisement

In a statement, TC says for the Lilongwe Floors, last day for delivery of tobacco bales will be August 21 and the market will close date on August 25. At the Mzuzu Floors, farmers are expected to deliver their bales of tobacco by August 25 and the market closes on August 28.

Tobacco Association of Malawi (Tama) Trust Chief Executive Officer, Nixon Lita, said in an interview Tuesday that the market has been fairly good.

“We were expecting about 155 million Kgs but I do not think we will reach that. We also noted that the auction market had a higher rejection rate and this was a big concern to the farmers,” Lita said.

This year’s market saw a diversion from normal processes after the country registered cases of Covid-19 and an export ban by the US government.

Advertisement
Tags
Show More
Advertisement

Related Articles

Back to top button
Close

Adblock Detected

Please consider supporting us by disabling your ad blocker