Tobacco sales rake in K144 billion
Malawi has generated $176.8 million (about K 144 billion) from 14 weeks of tobacco sales at the auction, AHL Group figures have shown.
During the same period last year, the country generated $140.9 million (about K115 billion).
Meanwhile, rejection rate has improved to 47 percent from 53 percent the week before, a development tobacco regulator Tobacco Commission (TC) chief executive Joseph Chidanti Malungasays is a sign that all the tobacco at the floors will be cleared.
He said: “When the rejection rate was high, the media had an impression that this meant that the tobacco will not be sold.
“However, that is not the case because rejection is just a matter of discussing on the grade that was put on the bale by TC and sooner or later it gets sold.”
In an interview yesterday, Tama Farmers Trust president Abel Kalima Banda said despite the improvement on rejection, prices have not been good.
According to AHL Group, Malawi has sold 108 million kilogrammes (kg) of tobacco at an average of $1.64 per kg (about K1 300) since the market opened in April as compared to 92.7 million kg sold at $1.52 per kg (about K 1 200) during the same period last year.
Meanwhile, Limbe Floors closed on July 23 while sales at Lilongwe and Mzuzu Auction floors will close in August.
