Entry Of Chinese Buyers Push Zimbabwe Tobacco Prices Up, Break Cartels

The entry of Chinese buyers has pushed up the prices of tobacco on auction here as it spurs competition and breaks cartels which used to control the sector, says Tobacco Industry and Marketing Board (TIMB) chief executive officer Andrew Matibiri.

Presenting oral evidence before the Parliamentary Portfolio Committee on Agriculture, Water, Lands and Resettlement here Tuesday, he said prices of tobacco continued to firm at the auction floors, largely propelled by growing Chinese demand.

Matibiri said the Asian economic giant had been a boon to the tobacco sector, consuming about 40 per cent of the total output last year. "Of the tobacco sold, 40 per cent is going to China, another 40 (per cent) to Europe and the remainder to other parts of the world," he said.