Tobacco Rakes in $34 Million in 4 Weeks of Sales
In four weeks of tobacco sales, earnings from tobacco, hit $34 million (about 27 billion kwacha) by end of week four of sales after the country sold over 20.1 million kilograms at an average price of $1.66 per kilogram, according to figures from AHL Group.
The revenue is higher compared to $27 million realized during the same period last year.
The volume of tobacco traded is also higher compared to 17 million kilograms of tobacco sold within the first 4 weeks of trading last year.
The average price is also higher than $1.53 the leaf fetched per kilogram last year within the same period.
AHL Group Spokesperson, Tereza Ndanga says sales so far are impressive.
“If you look at sales so far, we are improving as a country and we are hoping that as sales progress, the sales will peak,” said Ndanga.
In the 2019/2020 farming season, Malawi sold 113 million kilograms of all types of tobacco realizing 174 million US dollars (approximately 130 billion kwacha), an amount that economic experts said could not run for a month of import cover.
Tobacco remains the country’s major foreign exchange earner but lately, it is facing international backlash due to the global anti-smoking campaign.