Malawi tobacco earnings slump by over US$100 M

Malawi tobacco earnings, which provide 60 percent of its export revenue, have slumped from US$356 million last year to US$158 million this year, a senior tobacco industry official said on Monday. Tobacco Control Commission CEO Bruce Munthali said that so far, tobacco sales this year have gone down by over US$100 million. ‘’But we still have about 90 kgs not sold and this is as a result of low tobacco prices at the floors that has made many farmers shun the market’’ Munthali said. Low tobacco receipts for the last two years have compounded Malawi’s forex shortage resulting into massive shortages of fuel. Tobacco employs an estimated 2 million people in related industries. The sales close next month.