Tanzania Exports Down 6% in Year Ending April 2017, Cashew Nuts Up 83%

The Bank of Tanzania (BOT) published its Monthly Economic Review of May 2017, showing that the annual export value of Tanzanian goods and services amounted to USD 8,753.3 million in the year ending April 2017, about -6.2% lower than the year ending April 2016 with USD 9,333.2 million.  

Traditional Exports
Traditional exports increased to USD 863.6 million from USD 739.7 million (+16.7%), mainly accounted for by cashew nuts, which amounted to USD 341.1 million compared to USD 185.9 million (+83.4%) in the year ending April 2016.

The improvement in the export of cashew nuts occurred in both volume and price. By contrast, export of cloves, sisal, tea, and tobacco declined.

Non-Traditional Exports
The value of non-traditional export amounted to USD 3,814.4 million from USD 4,505.8 million (-15.3%) in the year ending April 2016.

With the exception of horticultural products and minerals, particularly gold; export of all non-traditional commodities declined.

Export value of gold—the main non-traditional export commodity in terms of value— increased by 26.8% to USD 1,515.0 million from USD1,194.6 million, on account of both volume and price.

Notably, the price of gold in the world market averaged USD 1,260.6 per troy ounce, higher by 9.2% relative to the year ending April 2016.

On the other hand, the export value of manufactured goods which includes edible oil, textile apparel, and products of iron and steel declined, declined due to increased competition in the regional markets where most of the manufactured goods are exported.

Tourism Exports
Travel receipts increased very moderately by +%1.2 to USD 2,131.0 million from USD 2,105.3 million, following an increase in the number of tourist arrivals.