Two months after the opening of this year’s tobacco marketing season, Malawi has earned $104.9 million (about K76 billion) from the crop compared to $76.2 million earned during the same period last year.
The amount represents a 37 percent increase in earnings.
According to AHL Group market update published yesterday, by week nine of sales, the buyers had bought 55.3 million kilogrammes (kg) of all types of tobacco at an average price of $1.90 (about K1 368) in contrast to 52.5 million kg sold at an average price of $1.45 (about K1 115) last year.
While total volume of tobacco sold by June 9 represents 44.4 percent of the projected volume of 124.5 million kg.
Newly appointed Tobacco Association of Malawi (Tama) chief executive officer Matthews Zulu said farmers are comfortable with the market trend this year compared to last year.
“And those farmers with quality leaf are really getting good returns than the ones offering poor quality leaf,” said Zulu.
He however said farmers’ only concern is late payment by some banks which AHL Group, the company that offers the market platform, has already communicated to them.