The Bank of Tanzania (BOT) Monthly Economic Review-May 2022 reveals that the country’s exports of goods and services increased to USD 10,616.8 million during the year ending April 2022.
This is an increase of +24% compared to USD 8,560.5 in the similar period in 2021.
The improvement in exports was noted in both traditional and non-traditional exports in addition to travel receipts.
Exports of goods improved by 10.6% to USD 7,030.2 million, with both traditional and non-traditional exports rising by 21.9% and 8.6%, respectively.
The rise in exports of non-traditional goods was observed in textiles, paper and paper products, iron and steel, horticultural products and cereals, particularly rice and maize.
Gold exports, which accounted for 38.5% of goods exports, declined by -10.8% to USD 2,703.6 million, owing to a slowdown in production.
On a month-to-month basis, the export value of nontraditional goods was USD 539.9 million, slightly higher than USD 513.6 million registered during the year ending April 2021.
The increase in exports of traditional goods was recorded in cloves, coffee, cotton and tobacco.
The rise in values of traditional exports is attributed to the recent spikes in world
Noteworthy, the significant increase in the value of cloves export is bolstered by higher world market prices and stockpiling of cloves that occurred when clove prices were lower.
On a monthly basis, traditional exports rose to USD 22.3 million from USD 16.1 million in April 2021.
Services receipts increased to USD 3,431.1 million, from USD 2,202.7 million in the year ending April 2021, supported by receipts from travel and transport.
Travel receipts amounted to USD 1,543.2 million, from USD 737.3 million, consistent with a rise in the number of international tourist arrivals from 552,390 to 1,015,233.
The increase in travel (tourism) earnings reflects a revamping tourism sector from the effects of the Covid-19 pandemic, though the recovery is threatened by the ongoing war in Ukraine, whereas about 15% of total visitors come from Eastern Europe.
Monthly services receipts were USD 283.6 million, compared to USD 201.1 million in April 2021.