Tanzania’s export value hit $12 billion in 2022 on traditional exports and minerals

Tanzania’s export value hit $12 billion in 2022 on traditional exports and minerals

The value of exports of goods and services in Tanzania increased to $12.0 billion during 2022 from $9.87 billion recorded in 2021, driven by non-traditional exports, particularly manufactured goods and minerals and services receipts from tourism according to the Bank of Tanzania (BoT) Monthly Economic Review for January 2023.

“The increase in exports of manufactured goods largely emanated from fertilizers, textiles as well as iron and steel, owing to rising demand from neighboring countries, particularly the Democratic Republic of the Congo,” the report said.

According to the report, Coal worth $160.4 million was exported in the preceding year, largely on account of increasing demand for alternative sources of energy following a short supply of crude oil and natural gas amid the war in Ukraine.

“Most of the coal was destined to neighbouring countries including Kenya, Democratic Republic of Congo, Rwanda and Uganda; and other countries mostly Poland, Hong Kong, India and Senegal,” the report said.

Good performance was also observed in export of diamonds, which also recorded a sharp increase to $62.7 million from $8.5 million in 2021, explained by resumption of production at Williamson Mines following a period of closure for maintenance.

Gold exports, which accounted for 46.8 percent of goods exports, rebounded to $2.83 billion from $2.74 billion on account of volume effect.

Exports of traditional goods also increased to $766.5 million from $627.9 million, supported by cashew nuts, tobacco, cotton and sisal.

“As for cashew nuts and tobacco, the increase was on account of volume effect, whereas for cotton it was due to rise of prices in the global market.” the report said.

On monthly basis, traditional exports rose to $140.1 million from $134.6 million recorded in December 2021, whereas non-traditional exports increased to $486.1 million, from $465.2 million.