Malawi’s green gold has so far fetched over US$97.5 Million dollars (K71 Billion) from 64.4 million kilograms of the leaf sold over a period of 10 weeks since the opening of the market.
According to statistics from the industry’s regulatory authority Tobacco Commission; this season has registered a rise in average price which stood at US$1.51 at the close of week 10, against US$1.45 registered last season over the same period.
This is good news to growers and all stakeholders in the industry considering the fact that this year the market has been operating under a very difficult environment, characterized by Covid-19 restrictions. Despite challenges such as low participation of buyers at the auction due to other reasons including Covid-19 restrictions, the market has been operating smoothly to the satisfaction of many including TC Chief Executive Officer Kayisi Sadala.
According to Sadala, the market this year had registered remarkable progress and with the coming in of Voedsel; a new buying company on the scene, the market is going to be successful by the end of the season.
During the first 10 weeks of the previous season, over $109.9 from 75.6 million kilograms, translating into a 6% drop this season.
So far, 42% of the required demand has been sold, with some companies reaching over 80% of their requirement.