Mumbai: India’s tobacco exports jumped 55% to $169 million in the first quarter of 2008-09, as a global shortfall forced overseas buyers to source Indian leaf at a higher price, a senior official said.
“Exporters are buying aggressively. There is a shortfall in production globally. Production in Brazil is down, in Zimbabwe it is steady,” the chairman of the Tobacco Board, J Suresh Babu, told Reuters on 7 August.
The big tobacco companies were buying higher quantities this year and India’s 2008-09 exports could touch a record $600 million, up 19% from $ 503 million a year ago, he said.
India’s April-June exports rose to $169 million compared to $109 million in the same period a year ago, he said.
British American Tobacco, Japan Tobacco Inc., Philip Morris International and Imperial Tobacco Plc are main buyers of Indian leaf.