Tobacco sales earnings have been increased by approximately 124 per cent in comparison to same time last year, the Tobacco Control Commission (TCC) has reported. In its every week sales update statistics for the week 14 ending July 3, TCC declared the green gold had earned the country US$137.7 million in comparison to US$61.2 million during the same period last year. The report further said 63.7 million kilograms of tobacco had gone through auction, representing a three percent change compared to same time last year when 61.6 million kilograms had been sold by auction.
The usual tobacco price, according to the study, has also gone up by 117.15 per cent. During the same time last year, the price averaged US$0.99 per kilogram while the current amount is US$2.15 per kilogram.
TCC Chief Executive Bruce Munthali last week explained that the tobacco market has became stable in terms of prices.
He also concluded that smuggling of tobacco products to neighboring markets has also reduced the reduction in value of the kwacha which has seen the tobacco farmers earning much more. Munthali also argued that this year’s tobacco production is likely to be lower than earlier years.