TOBACCO EARNINGS HIT 68 MILLION KGs

Tobacco earnings have now cloaked 68 million USD, about 26 billion
kwacha in seven weeks.

According to Auction Holdings’ Market summary released today, 45
million kilograms has so far been sold at 68 million USD at an average
price of 1 Dollar 48cents per kilogram.

Out of the said quantity, Barley Tobacco dominated 95%, as 44 million
kilograms of it –rakes in 64 million USD.

Meanwhile, sales at Mgodi and Kabwafu satellite markets commenced
during the week –further enhancing the good throughout performance
achieved in 2014 compared to same time last year.

The market is also said to be fetching better prices at the moment to
some extent comparing to last year.

“Increased competition for Leaf Style tobacco on the burley market
resulted in the seasons’ highest price to date being achieved in the
past week – $2.57 on the auction market and $2.60 on the contract
market.” Reads part of the update report.

Last week alone, the market sold 10 million kilograms of tobacco at
17.7 million USD at an average price of 1 Dollar 74 cents.

This year, Malawi produced about 190 million kilograms of tobacco
–well above last year’s 168 million kilograms.