Zim Now Writer
The number of tobacco bale rejections was 38% lower at this year's marketing floors compared to last year, progress which the Tobacco Industry and Marketing Board attributes to farmers’ skills in presenting quality, grading and handling.
As at Day 17, Zimbabwean tobacco growers had earned US$143 million from the sale of 41 million kg of flue-cured tobacco by Day 17 of this year’s marketing season, which is nearly 50 percent more than last year.
TIMB revealed that contract floors accounted for 94 percent of the tobacco volumes after taking delivery of 38 432 613 kg while their auction counterparts stood at 6 percent with 2 583 334 kg, according to the Tobacco Industry and Marketing Board.
Farmers earned US$9.25 million and US$134 million under the auction and contract system respectively.
The average auction price surged 16 percent from US$3.09 per kilogramme on Day 1 to US$3.58 by Day 17 while contract floors, which opened one day after the auctions, rose 13 percent, from US$3.09 by Day 2 to US$3.49 by Day 17.
Tobacco sales also increased on Auction Day 13, with contract sales at 93% (27 620 169 kg) and Auction sales at 7% (1 957 701 kg)
Earnings surged from US$59 million to US$103 million, representing a 75% increase, volume increased by 51% from 19 531 242 to 29 577 870 kg.
The total earnings increased to US$102 825 051 from US$58 734 890 last year.
The Average auction price was US$3.51/kg while the average contract price was US$3.47/kg.
Meanwhile, TIMB has reiterated the board’s zero tolerance towards side marketing.
The board said side marketing kills the industry, results in low prices and late payments or total default with no arbitration.
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