NEW: Tobacco sales rake in US$740 million

Online Reporter

FARMERS have pocketed US$740 million in 76 days of the marketing season.

According to the Tobacco Industry and Marketing Board (TIMB), 214 million kg of tobacco valued at US$740 million had been sold at an average price of US$3,54 by June 2.

This shows a decrease of 12 percent from the US$848 million earned during the same period last year.

Auction floors have taken delivery of 12 million kg while contractors have received 202 million kg.

The highest price achieved to date is US$6,99 per kg, while the lowest is US$0,10.

About 2,8 million bales have been sold since the beginning of the marketing season.

The 2024 tobacco marketing season started on March 13.

This year’s tobacco volume is projected to be lower than last year’s 296 million kg after the EI Nino phenomenon affected production.