Listed sugar producer,
In the first half of 2022 Finance Minister, Mthuli Ncube under Statutory Instrument 198 allowed 16 basic commodities which include sugar, cooking oil, soap, margarine, petroleum jelly among other commodities in response to heightened indiscipline which saw weakening parallel market exchange rate induced inflation taking its toll on citizens.
The measure effectively protected citizens from escalating prices of basic commodities locally.
Presenting a trading update for the third quarter which ended
"The Company's share of the total industry sugar sales volume of 397 055 tonnes (2021: 317 155 tonnes) for the 9 months to
"Industry sugar sales into the domestic market for the same period totaled 278 106 tonnes (2021: 285 548 tonnes), and were 3% below the comparable period in the prior year. The decline arose from increased competition from sugar imports after the Government suspended import duty through SI98 on 16 basic commodities including sugar," he said.
However, the government withdrew the duty suspension as at
During the period, the wet weather in
Revenue realisations on the local market, in both local and foreign currency, remained firm as most customers continued to support local brands against the imports that were available in the local market from May to
Export sales volumes increased by 27% to 40,246 tons (2021: 31,607 tons). During the period under review, there was an improved allocation of the United States Tari- Rates Quota which contributed to higher average export prices.
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