MALAWI’S TOBACCO SALES SURGE BY 89.3%

Sat 25 May 2024:

Malawian authorities have reported a significant increase in tobacco sales, with an 89.3 percent rise over a one-month period compared to the same period last year.

The Tobacco Commission, the country’s tobacco industry regulator, announced on Wednesday that sales had generated 81.2 million U.S. dollars in the first four weeks to last Friday, compared to 42.9 million dollars during the same period last year.

Tobacco sales in Malawi are conducted through auction and fixed contract systems at four open market facilities across the country’s three regions. These markets typically open in April, soon after most farmers have finished curing the tobacco leaves.

This year, the commission estimated that 140 million kilograms will be hauled to the selling points, representing a 17 percent increase over last year’s production of around 125 million kilograms. The sales update indicated that 30 million kilograms have already been sold in the first four weeks, a 47.5 percent increase over the same period last year, according to the Tobacco Commission’s update.

“The seasonal average price has also increased by 28 percent to an average of 2.7 dollars per kilogram, compared to 2.11 dollars per kilogram last year,” the commission said.

The landlocked southern African country is seeking to diversify its export base, which is currently dominated by tobacco. It is focusing on agriculture, tourism and mining.

Figures from the country’s National Statistics Office showed that tobacco exports in 2023 amounted to 389 million dollars out of a total of 1.1 billion dollars in exports.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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