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Tanzania Exports Up by 14.7% in The Year Ending February 2024, Tourism Receipts Up by 28.5%

TANZANIA ECONOMIC UPDATE FEBRUARY 2024

The Bank of Tanzania (BOT) released its Monthly Economic Review-March 2024 which covers key macroeconomic indicators for the year ending February 2024.

External Sector Performance

The external sector has shown signs of improvement, with imports declining, exports increasing, and global commodity prices moderating, albeit remaining above the levels before the breakout of the Russia-Ukraine war.

As a result, the current account deficit narrowed to USD 2,701.4 million in the year ending February 2024, compared with a deficit of USD 5,133.6 million in the corresponding period in 2023.

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Foreign Exchange Reserves

On foreign exchange reserves, the stock increased to USD 4,971.5 million at the end of February 2024 from USD 4,577.1 million that was recorded at the end of February 2023.

Foreign reserves were sufficient to cover 4.1 months of projected import of goods and services.

Exports

In the year ending February 2024, exports of goods and services rose by 14.7%, reaching USD 14,274 million compared with the level recorded in the corresponding period in 2023.

The main drivers included tourism receipts, traditional goods and minerals, specifically gold.

Non-traditional Goods and Mineral Exports

Exports of non-traditional goods rose by 2.4% to USD 6,343.1 million, with the increase noticeable in gold, horticultural products, and oil seeds.

The export of gold amounted to USD 3,108.8 million, compared with USD 2,872.6 million in the previous period, and accounted for 49% of non-traditional exports.

Exports of horticultural products edged up by 46.5% to USD 425.4 million, driven by an increase in exports of edible vegetables.

Traditional Exports

Traditional goods exports amounted to USD 1,022.7 million, from USD 748.7 million in the previous year, with much of the increase observed in exports of tobacco and coffee on account of volume and price effects.

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Service and Tourism Receipts

Service receipts surged to USD 6,482.5 million in the year to February 2024 from USD 5,094 million in the previous year, largely driven by travel (tourism) and transportation receipts.

On a monthly basis, service receipts amounted to USD 598.2 million in February 2024, compared with USD 493.3 million in February 2023.

The surge in travel receipts reflects the rebound of the tourism sector, as tourist arrivals rose by 21.4% to 1,881,823 from 1,550,333.

Tourism receipts reached USD 3,510.1 million in the year ending February 2024, compared with USD 2,730.9 million in the year ending February 2023.

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