Manufacturers push exports up by 23 per cent

The country exports have increased by 23 per cent year-on-year thanks to non-traditional goods and service receipt.

The exports of goods and services amounted to 11.83billion US dollars in the year to October up from 9.60billion US dollars in the similar period last year.

The Bank of Tanzania latest monthly economic review of November showed that the export was largely driven by non-traditional goods and services receipts that accounted for 51.4 per cent and 39 per cent of total exports, respectively.

“The growth in non-traditional goods exports was largely on account of improved export performance of textiles, iron and steel, diamond, fish products and fertilisers,” BoT report showed.

The exports of diamond increased significantly to 58.6 million US dollars from 3.8 million US dollars recorded in the corresponding period in last year after resumption of production at Williamson Mines following the ending of a care and maintenance period.

On the other hand, gold exports, which accounted for 39 per cent of goods exports slightly fell to 2.817 billion US dollars from 2.842 billion US dollars in the previous year associated with decrease in world market prices.

Traditional goods worth 742.7 million US dollars were exported during the year to October higher than 672.7 million US dollars in the similar period last year.

“This performance was supported by the increase in exports of cashew nuts, tobacco, cotton and sisal,” the report said.

On monthly basis, traditional exports fell to 64.5 million US dollars in October from 71.3

Million US dollars last October, while on yearly basis, non-traditional exports were 552 million US dollars, slightly higher than 519.5 million last October.

Services receipts increased to 4.611 billion US dollars in the year to October from 2.873 billion US dollars in similar period last October.

The service receipt was “boosted by higher travel and transport receipts,” BoT said.

Also, the travel receipts almost doubled to 2.361 billion from 1.189 billion US dollars, consistent with the increase in the number of tourist arrivals up by 59.6 per cent to 1,381,648.

On monthly basis, services receipts were 445.6 million US dollars, higher than 310.8 million US dollars registered last October.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button