Global glut suffocates growers of green gold

In a statement released at the weekend, the Tobacco Industry and Marketing Board (TIMB) said more tobacco had been sold this season than last year, but the total market value is lower.

WEAKER than expected tobacco auction floor prices have dampened farmers’ hopes of translating this season’s high output into meaningful earnings. Experts who spoke to The Financial Gazette — the country’s number one business publication and prime voice for industry and commerce — said this week that increased global supply, subdued demand, limited buyer competition and…

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