Tobacco auction floors open in March
The Tobacco Industry and Marketing Board (TIMB) has said auction floors are set to open next month encouraging tobacco stakeholders to fully utilise the TIMB booking system.
In a notice to stakeholders, TIMB said “All stakeholders are advised that the 2024 auction Tobacco Marketing season opens on Wednesday 23 March 2024.
Contract Tobacco sales will begin on Thursday March 14, 2024.
“All tobacco stakeholders are encouraged to fully utilise the TIMB booking system.”
Statistics from TIMB show that farmers had planted 113 101 hectares under the crop by February 2, a four percent decline from last year’s 117 645.
Last season, the number of tobacco farmers saw a significant rise, reaching 148 527 compared to 123 000 in 2022.
This increase is attributed to factors like improved support for small-scale farmers, higher tobacco prices and favourable weather conditions.
Tobacco is the country’s largest foreign currency earner after gold.
On Tuesday, the Cabinet said a total of 36.8 million kilogrammes has been exported this year, at an average price of US$7.33 per kilogramme, compared to the 11.6 million kilogrammes exported over a similar period in 2023 at an average price of US$4.31 per kg.
“As the nation may recall, from a record production of 296 million kilogrammes under the Second Republic, 236 031 405 kilogrammes of tobacco worth US$1 237 342 456 was subsequently exported in 2023.
“ Most of the tobacco being sold in 2024 is destined for the Far East, Africa, the Middle East and European Union markets,” Cabinet said.chronicle
