Non-traditional goods boost exports revenue

NON-TRADITIONAL exports pushed up the exports of goods and services to 12,383.1 million US dollars in the year ending February, up from 10,202.1 million US dollars in the corresponding period last year.

According to the Bank of Tanzania (BoT) monthly economic review for March, non-traditional exports that contributed to increased goods and services, exports are namely minerals and manufactured goods, and services receipts, mainly tourism.

However, a notable increase was registered in the exports of minerals, particularly gold, coal, and diamonds.

Coal exports grew significantly to 228.6 million US dollars from 23.2 million US dollars owing to heightened demand for an alternative source of energy following supply disruptions stemming from the war in Ukraine.

The export of diamonds was 66.9 million US dollars higher than 9.6 million US dollars in the year to February last year following improved production coupled with an increase in prices in the world market.

Meanwhile, gold exports registered an annual increase of 7 per cent to 2,859.6 million US dollars on account of both volume and price effects.

Likewise, the export of manufactured goods increased by 19.9 per cent to 1,490.2 million US dollars largely driven by fertiliser, iron and steel and cement.

Traditional exports also increased to 748.7 million US dollars in the year to February from 687 million US dollars in a similar period last year following the improved performance of all traditional crop exports, save for cloves.

On monthly basis, traditional exports amounted to 47.4 million US dollars compared with 53.4 million US dollars in February last year.

Non-traditional exports were 430.5 million US dollars higher than 419.6 million US dollars in February last year.

Service receipts increased to 4,995.8 million US dollars in the year to February from 3,323.5 million US dollars in the corresponding period last year largely driven by travel (tourism) and transport receipts.

Travel receipts almost doubled to 2,700.1 million US dollars attributed to the increase in tourist arrivals to 1,550,333 from 959,329, being above the pre-pandemic level of 1,527,230 in 2019, reflecting the continued recovery of the tourism sector.

On monthly basis, services receipts were 451.3 million US dollars compared with 336.9 million US dollars in February last year.