The Bank of Tanzania (BOT) Monthly Economic Review for September 2016 shows that the value of export of goods and services in the year ending August 2016, increased by +10.3%.
Overall exports reached USD9,785m, compared to USD8,867.8m in the year ending August 2015. The improvement was mainly driven by an increase in travel (tourism) receipts, manufactured goods, and gold.
Travel maintained the leading position among foreign currency earners, before manufactured goods, gold, and traditional exports, with USD2,260.5m worth of exports in the year ending August 2016, showing a year-on-year increase of +12.5%.
Foreign exchange earnings from manufactured goods increased by 4% to USD1,367.3m in the year ending August 2016, with a notable improvement recorded in sisal products, textile apparel, and plastic items.
Gold exports increased by +16.3% to USD1,463.8m as a result of an increase in export volume and recovery in prices in the world market.
Among Tanzania’s traditional exports, increases were seen in cotton (USD41.8m, +20%), tea (USD47.7m, +6%), cloves (USD50m, +89.4%) and sisal (USD25.2m, +32%).
There was also a notable rise in export value of oil seeds, cereals, cocoa, wood products, and hides and skins.
World Commodities Prices
In August 2016, prices of crude oil and white petroleum products went up, reaching USD44.88 per barrel and USD534.23 per ton respectively, largely due to a rise in speculation that oil producers might agree to curb output at OPEC meeting in Algeria.
The price of gold rose to 1,340.17 in August 2016 since investors demanded more gold due to the rise in business uncertainty and volatility in European equity markets following the Brexit.