2020 tobacco sales rise by US$61m to close at US$6...

2020 tobacco sales rise by US$61m to close at US$650m

Tobacco Industry Marketing Board says the 2022 tobacco season figures show growth in both value and volumes, signifying positive prospects for the sector.

"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,” said TIMB in a statement announcing the end of the 2022 tobacco selling season.

"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," says the statement.

The recently released figures show a 10.3% increase in value, 0.75% in volume thus indicating that prices were better than in the last season.

TIMB says the positive growth augurs well for their mid-term targets.

"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.