Zimbabwe’s hopes of earning much-needed foreign currency through its golden leaf have been dashed after the Tobacco Industry and Marketing Board (TIMB) reported a 29% drop in export earnings since the auction floors opened last month.
On Friday last week the TIMB announced that the country had, to date, earned US$184.3 million after exporting 45.2 million kg of tobacco to 49 countries.
This is US$76 million less than the excess of US$260 export earnings realised during the same period last year.
China, South Africa, Indonesia, Belgium and the United Arab Emirates are the main buyers of Zimbabwe’s Virginia tobacco crop.
The top buyer, China, accounted for over 7.8 million kilograms, valued at US$51.2 million, while South Africa has imported 7.3 million kilograms to date, valued at US$22.2 million.
