October 10, 2018 / 9:20 AM / 5 days ago

Malawi tobacco revenue jumps 60 pct this year

BLANTYRE, Oct 10 (Reuters) - Malawi’s tobacco revenue, a mainstay of the southern African nation’s economy, jumped 60 percent in the 2018 season, industry figures showed on Wednesday.

Tobacco is Malawi’s major export commodity and hard currency earner, accounting for over 50 percent of all foreign currency receipts, according to official figures.

In a joint report released at the close of the 2018 season, auctioneer Auction Holdings Limited and the Tobacco Control Commission said revenues for 2018 reached $337.5 million, up from $212.4 million in 2017.

Volumes totalled 202 million kilogrammes, up nearly 90 percent from 2017, but the revenue reaped was hampered by a 16.5 percent fall in prices.

More than 80 percent of all tobacco is produced and sold directly under contract to international tobacco firms. (Reporting by Frank Phiri Editing by Ed Stoddard and Susan Fenton)

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