Tobacco Earns Malawi K13.3 Billion In Two Weeks
Tobacco has brought in forex amounting to $17, 979, 266 (equivalent to K13.3 billion) in just two weeks of sales.
Auction Holdings Limited’s published figures show that as of Friday 20th April 2018, over 12 million kilograms of tobacco had been sold at an average price of $1.42 per kilogram.
AHL Corporate Affairs Manager, Mark Ndipita expressed optimistic of improved sales as the season progresses.
The revealed figures show that this year tobacco sales have improved comparing to last year where the country raised US$6, 056,929 from 3, 750 000 kilograms of tobacco at an average price of $1.61 per kilogram.
“Over 3, 000, 000 kilo of auction burley worth over $3, 579, 377 was sold at an average price of $1.19. A total of contract burley weighing 8 million eight hundred forty two thousand was sold making $12, 279, 378 at an average price of $1.39,” explained Ndipita.
771,000 kilograms of contract flue cured tobacco has earned over $2, 102,510 at an average price of $3.25.
“If we compare to last year after two weeks of selling tobacco in the 2017 marketing season, the country that time sold 3,751,609 kilograms and the total proceeds were $6,056, 929 at the average price of $1.61 per kilogram. This indicates that in terms of volume sold and money realized the market is performing better than last season,” he said.
Tobacco production estimates for this year is at 148 million kilograms against a demand of 171 million kilograms. Meanwhile, the Mzuzu auction floors will open on Monday 30th April.