The value of export of goods and services in Tanzania hit $12.9 billion in July this year as compared to $12.2 billion recorded during the same period last year, driven by services receipts and non-traditional goods exports, in particular minerals, according to the Bank of Tanzania (BoT) Monthly Economic Review for August 2023.
BoT data shows services receipts increased to $5.49 billion in July 2023 from 4.12 billion in recorded in July 2022, driven by tourism and transportation receipts.
“The increase in travel receipts reflects the recovery of the tourism sector, as tourist arrivals rose by 37.2 per cent to 1,658,043 during the year, the highest level ever recorded. The report shows that services receipts were $579.1 million monthly in July 2023, compared with $481.9 million in July 2022” the report shows.
The exports of non-traditional goods recorded a growth of 6.1 per cent, largely on account of minerals, particularly gold, coal, and diamonds, and manufactured goods.
Coal exports increased to USD 220.7 million in the year to July 2023 from $67.3 million a year earlier, owing to growing demand in the wake of supply shortages, following the war in Ukraine.
Exports of diamonds almost doubled to $46.8million from $29.2 million in the year ending July
2022 due to price effect. As for gold exports, the rise was largely due to the volume effect. Manufactured goods exports also recorded notable growth, largely steered by fertilizers, cement, and glassware.
Traditional goods exports also increased to $782.6 million from $750.6 million, with all traditional goods recording increases except cloves and cashew nuts.
“On monthly basis, traditional goods worth $66.5 million were exported in July 2023 compared with $36.2 million in a similar month in 2022, while non-traditional exports increased to $634.6 million from $546.6 million,” the report shows.