Tanzania Exports of Gold Continue to Grow In YE July 2021 Thanks to High Prices, Horticultural Products Up, Tourism Down

TANZANIA GOODS & GOLD EXPORTS YEAR END JULY 2021

The Bank of Tanzania (BOT) Monthly Economic Review-August 2021 indicates that in the year ending July 2021 the value of gold exports increased by USD 261.9 million to USD 2,990.5 million.

During the year ending July 2021, exports of goods and services amounted to USD 8,976.8 million compared with USD 9,382.1 million in the corresponding period in 2020.

Value of Tanzania Goods Exports YE July 2021

The exports of goods increased by 5% to USD 6,473.1 million, with non-traditional exports rising by USD 703.1 million to USD 5,562.8 million. A notable increase was from exports of gold, manufactured goods, and horticultural products.

Value of Tanzania Non-Traditional Exports YE July 2021

Gold exports increased by USD 261.9 million to USD 2,990.5 million and accounted for 53.8% of the exports of non-traditional exports. This was largely boosted by high prices in the world market.

Export of manufactured goods increased by 36% to USD 1,116.2 million, while horticultural products increased to USD 332 million from USD 194.6 million.

Exports categorized under other exports sub-group surged by 84.1% to USD 739.3 million, mostly due to an increase in exports of rice and beans to neighboring countries, and oilseeds to Asia.

On a month-to-month basis, the export value of non-traditional goods slightly decreased to USD 591.4 million from USD 596.3 million in July 2020.

Value of Tanzania Traditional Exports YE July 2021

Traditional exports decreased to USD 593.7 million in the year ending July 2020 from USD 991.4 million in the corresponding period in 2020, largely due to low prices, owing to subdued demand in the world market attributable to the effects of the Covid-19 pandemic.

RELATED:  Tanzania Exports Improve in September 2020 But Remain Lower Than in 2019

The decline was observed in all traditional export crops, except coffee and sisal.

On a monthly basis, however, traditional exports rose to USD 23.4 million compared to USD 8.1 million in the corresponding month in 2020. This has occurred in exports of coffee, cotton, and tobacco.

Tanzania Travel Receipts YE July 2021

Services receipts declined by 22.2% to USD 2,503.7 million for the year ending July 2021.

Travel receipts, which accounted for 39.0% of total service receipts, declined by 41% to USD 975.3 million, on account of containment measures implemented by various countries against the Covid-19 pandemic.

The number of international arrivals declined to 701,125 from 1,090,753 in the year to July 2021.

On a monthly basis, in July 2021, services receipts increased to USD 253.5 million, compared with USD 140.2 million in July 2020, attributed to an increase in travel receipts, suggesting a gradual pickup of tourism activities from last year.