The Bank of Tanzania (BOT) Monthly Economic Review of October 2020 indicates that in the year ending September 2020, exports continued to regain momentum after the global impact of the COVID19 pandemic, as trading partners progressively reopen their economies from lockdown.
Exports of goods and services amounted to USD 9,467.9 million in the year ending September 2020 compared with USD 9,515.0 million in the year ending September 2019, on account of a decline in services receipts.
On month-to-month, exports of goods and services declined to USD 717.7 million in September 2020 from USD 948.3 million in the preceding month.
Traditional Exports
Traditional exports almost doubled to USD 914.8 million in the year ending September 2020 from USD 567.5 million in the corresponding period in 2019.
The increase manifested in exports of cashew nuts, cotton, cloves, sisal and tobacco.
Sisal export rose on account of both volume and prices effects, while cashew nuts, cotton, cloves and tobacco rose in export volume, attributable to increase in production.
Exports of coffee and tea declined on account of low export volume.
On month-to-month, traditional goods exports rose to USD 41.9 million in September 2020 from USD 23.1 million in the preceding month, contributed mostly by coffee, cotton, and tobacco.
Non-Traditional Exports
Exports of non-traditional goods improved to USD 4,997.2 million in the year ending September 2020 from USD 3,926.9 million in the corresponding period in 2019, mainly on account of increase in exports of gold and manufactured goods.
Exports of gold rose by 45.8% to USD 2,826.1 million, due to an increase in both volume and price in the world market, and accounted for 56.6% of non-traditional exports.
In September 2020, the value of export of gold amounted to USD 263.1 million compared with 171.6 million in the corresponding month in 2019.
The price of gold surged up as a result of the weakening of financial asset prices.
Service Receipts
Services receipts amounted to USD 3,247.3 million in the year ending September 2020, lower than USD 4,930.9 million in the corresponding period in 2019.
Travel receipts, which mostly comprises receipts from tourism, declined by 39.1% to USD 1,726.6 million and accounted for more than 60% of services receipts from 61.8%.
The drop in travel receipts was attributable to measures by countries taken to limit the spread of COVID-19, which included lockdown and suspension of international passenger flights.
Travel receipts during September 2020 amounted to USD 65.7 million compared to USD 247.8 million in September 2019.
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