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Tobacco rakes in $86 million

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The country’s green gold, tobacco, which has entered week nine of sales, has raked in $86 million in foreign exchange since the market opened in April.

According to regulatory body, Tobacco Control Commission (TCC) statistics, the market has earned 36 percent more than what was sold during the same time last year.

So far, 45.8 million kilogrammes of tobacco have gone through the auction against 44.5 million kilogrammes recorded during the same time last year, representing a three percent increase.

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The average price stands at $1.87 per kilogramme against $1.41 per kilogramme as of last year.

During the eight weeks, burley tobacco has earned $57.5 million from a total volume of 35.1 million kilogrammes against last year’s $49.8 million.

The average price for burley stands at $1.63 per kilogramme.

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On the other hand, flue cured tobacco has earned $30 million as compared to $12 million earned during the same time last year.

The average price for flue is at $2.75 per kilogramme.

TCC Acting Chief Executive Officer David Luka said the market is progressing well without any disruptions.

He said growers are now bringing in upper leaf and, in the process, boosting the quality of the leaf making its way to market.

“The market is progressing well without any stoppages which signify that both the buyers and sellers are satisfied with what they are getting. The quality has also improved even though we have some cases of mixed bales here and there. But all in all, everything is progressing

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