Malawi tobacco rakes in US$271 million

Tobacco, the country’s green gold, has raked in US$271 million, US$60 million more than last year at the same tobacco markets, same time.

The spokesperson  of Tobacco Auction Floors, Thom Khanje, said same time last year, the tobacco market raked in US$205 million.

He said this was unprecedented forex the country desperately needs since the tobacco markets opened 16 weeks ago.

Khanje attributed this to the good tobacco prices of around US$2.10 as opposed to US$1.74 last year with the low tobacco hovering around 80 cents.

He said the market has also been peaceful unlike last year when the auction floors were frequently closed due to disagreements over tobacco prices between the growers and buyers.

The tobacco industry was shaken last week when JTI, a Japanese tobacco buying firm abandoned hundreds of its farmers it contracted to grow tobacco.

Tobacco, facing a smoky future following anti-smoking lobbyists, still remains the country’s foreign exchange earner.