Zimbabwe’s tobacco export earnings have risen by 29.2 per cent to over USD 1 billion compared to the same 10-month period last year, reports The Herald.

Figures from the Tobacco Industry and Marketing Board (TIMB) show that by 10 November 2023, Zimbabwe had exported 202,678,140 kilogrammes of the golden leaf valued at USD 1 064 billion with an average price of USD 5.25 per kg, reports The Herald.
Most of the tobacco, a total of 94,866,462 kg worth USD 682.3 million was exported to the Far East at an average price of USD7.19 per kg, while exports to Africa came in at 37,092,002 kg worth USD 127.3 million at an average price of USD 3.43 a kg, according to The Herald.
Zimbabwe Farmers Union executive director Mr Paul Zakariya opened up about the high number of exports saying 90 to 98 per cent of the tobacco growers were contracted by foreign investors which results in Zimbabwe exporting the crop without significant value addition and ultimately depriving the country of optimal revenue from the crop.
“So, if we were to finance production using local funds, you can imagine what we will be able to do with our own tobacco and the industry that can come out of that – the people that can be employed and also increased foreign currency generation or revenue that we can collect,” he said.
Looking forward to the next season, the TIMB said that 107,415 growers had been registered to grow the crop, 92 per cent of which are under the contract arrangement.