Tanzania’s trade landscape witnessed noteworthy shifts between 2021 and the anticipated trends for 2023. Over this period, exports of goods and services surged by 43%, underscoring Tanzania’s effective expansion into international markets.
In contrast, imports soared by 61%, surpassing the export growth rate and exacerbating the trade deficit.
The balance of payments, reflecting the difference between exports and imports, transformed from a negative balance of -$1,063 million in 2021 to a more significant deficit of -$3,597.6 million in 2022.
However, there was a modest improvement to -$3,316.7 million in 2023, marking a 7% reduction in the negative balance.
This signifies ongoing efforts to rectify the trade imbalance, underscoring the paramount significance of managing trade disparities for long-term economic stability and sustainability in Tanzania.