Why does content-view sync fail with "[Errno 2] No such file or directory" ?

Issue

• Import content-view generates errors

hammer import content-view --csv-file /tmp/exports/CHANNELS/export.csv --dir /tmp/exports/CHANNELS --verbose --synchronize --wait
[Foreman] username: admin
[Foreman] password for admin: 
Repository Local_repository_for_epel5-test1-x86_64 is not (fully) synchronized. Retry once synchronization has completed.
Repository Local_repository_for_epel5-test2-x86_64 is not (fully) synchronized. Retry once synchronization has completed.

• Sync status page displays error "[Errno 2] No such file or directory: u'///tmp/exports/CHANNELS/1/201/repodata/repomd.xml'"

Satellite webUI -> Content -> Sync Status

• Missing repodata files from exported dump