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Tobacco Market Hits $53.7 Million in Week 3 as Lilongwe Floor Reopens After Brief Suspension

The Tobacco Commission (TC) has announced that the country has earned $53.7 million (equivalent to K93 billion) from tobacco sales over the past three weeks, with 20.1 million kilograms sold as of Friday, May 3, 2024.

According to TC’s Public Relations Officer, Telephorus Chigwenembe, the average price per kilogram has increased by 31% to $2.67, compared to $2.35 last year.

During the same period in 2023, buyers purchased 13.8 million kilograms of tobacco, valued at $28.3 million.

Chigwenembe noted that the market had been operating smoothly until a brief suspension on Tuesday, May 7, 2024, due to discontent among growers who had not received timely payments for their sold tobacco.

The Tobacco Commission and industry players engaged with the growers, addressing their concerns and resolving the issue.

Chigwenembe explained that the delay in payments was caused by a breakdown in communication among players involved in the payment process.

However, sales have resumed, and efforts are being made to ensure timely sharing of information to facilitate prompt payments.

In the 2023 Tobacco Marketing Season, Malawi sold 120.5 million kilograms of tobacco, earning $282.618 million, a 55% increase from 2022, when 85 million kilograms were sold, earning $182 million.

The average price per kilogram in 2023 was $2.35, an improvement from the $2.14 per kilogram in 2022.

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