Tanzania Exports Up by 25% in YE July 2022, Travel Receipts Double

The Bank of Tanzania (BOT) Monthly Economic Review-August 2022 reveals that the country’s exports of goods and services amounted to USD 11,226.5 million during the year ending July 2022.

This is an increase of +25.7% from USD 8,927 million in the corresponding period of 2021, driven by non-traditional exports and services receipts.

Exports of goods increased by +10% to USD 7,083 million, with non-traditional exports rising by +9%.

The increase was mainly in the exports of iron and steel, textiles, horticultural products, fish and fish products, and maize.

Gold exports, which accounted for 38.3% of goods exports, were USD 2,710.8 million. This is less than USD 2,990.5 million in the corresponding period.

Exports of traditional goods amounted to USD 750.6 million up from USD 593.7 million.

Exports of all traditional crops increased except for tea and cashew nuts.

The increase is largely associated with higher prices in the world markets.

On a monthly basis, traditional exports increased to USD 36.2 million from USD 23.4 million in July 2021, while non-traditional exports were USD 546.6 million in July 2022, slightly lower compared to USD 570.7 million in July 2021.

Service and Travel Receipts

Services receipts amounted to USD 4,143.5 million in the year ending July 2022 almost double compared with USD 2,488.1 million in the corresponding period of 2021, boosted by travel and transport receipts.

Travel receipts edged up to USD 1,968.5 million from USD 929.5 million, consistent with the rise in tourist arrivals by +72.4% to 1,208,559.

The high travel receipts signal the recovery of the tourism sector though still threatened by the war in Ukraine.

On a monthly basis, service receipts were USD 487.5 million, higher than USD 263.7 million in July 2021.