TOBACCO exports have grown by 9% to 43 million kg with the bulk going to China according to latest statistics from the Tobacco Industry and Marketing Board (TIMB). In the same period last year exports were 39,6 million kg. Latest statistics from TIMB showed that as of Sunday, tobacco worth $206 million had been exported down 13% from $236,7 million recorded in the same period last year. China took the bulk of the crop after importing 13,8 million kg of the golden leaf valued at $114,4 million. The average price was $8,28 per kg.
Waverley targets 15pc exports hike
Waverley Blankets is targeting a 15 percent increase in exports to regional markets on increased production as installation of a new $1, 5 million plant nears completion. Currently, the manufacturing firm is exporting an estimated 5 percent of its total production to Zambia, Botswana and Malawi. In an interview Waverley Blankets administration manager Doreen Eeson said plans were underway to grow exports to Mauritius and South Africa. This is also in line with Government’s thrust on export-led economic growth. According to the 2017 National Budget, the country’s overall export performance is expected to further decline by 6,9 percent to $3,3 billion.
RBZ to clear foreign payments backlog by year end
The Reserve Bank of Zimbabwe (RBZ) expects to clear the backlog of foreign payments by year-end amid revelations that 80% of the unsettled transactions cover products at the top of the import priority list. RBZ deputy governor, Kupukile Mlambo said although the apex bank has set up a nostro stabilisation fund, it was not enough to clear the backlog of a country hamstrung by a huge trade deficit. “About 80% of the backlog is in priority list A because we are import dependent. All our essential things are in the priority list. We have put a nostro stabilisation fund, but it’s nowhere near enough,” he said.
Zim ranked 37th on African Investment Index
ZIMBABWE has been ranked 37th on the African Investment Index for 2016 on the back of an unfriendly investment climate, a new report has shown. In the Africa Investment Index report released by research firm, Quantum Global, Zimbabwe scored poorly on liquidity, growth, risk, the business environment, social capital and demographic factors. The Africa Investment Index ranks all 54 African countries.
Tobacco export earnings 13pct down as prices fall
HARARE: Tobacco exports in the current selling season are 9 percent higher on same period in the prior year but revenue generated at $206. 5 million is 13 percent lower due to lower average prices. The 2017 tobacco selling season opened on March 16 and could run until August, if last year’s season is anything to go by. According to the Tobacco Industry and Marketing Board (TIMB) report for the week ended April 21, 2017, year to date exports are at 43 million kilogrammes compared to 39.6 million kg last year, with the average export price at$4.80/kg against $5.98/kg last year.