Tanzania Exports Up by 25% in YE June 2022, Tourist Arrivals Up by 76%

The Bank of Tanzania (BOT) Monthly Economic Review-July 2022 reveals that the country’s exports of goods and services amounted to USD 11,098.6 million during the year ending June 2022.

This is an increase of+25.4% from USD 8,848.4 million in the corresponding period of 2021, and an increase of 2.5% from USD 10,826.9 million during the year ending May 2022.

The improvement in exports was driven by non-traditional exports and services receipts.

The exports of goods increased by 11.7% to USD 7,202.7 million, with non-traditional exports rising by 27.6%.

The rise was largely in the exports of manufactured goods particularly iron and steel, textiles, horticultural products, fish and fish products as well as cereals in particular maize and rice.

Gold exports which accounted for 37.4% of goods exports were USD 2,695.7 million, down from USD 3,028.8 million.

Exports of traditional goods amounted to USD 737.8 million compared to USD 578.4 million. Exports of all traditional crops increased save for cashew nuts. The increase was on account of price rises in the global markets.

On a monthly basis, traditional exports doubled to USD 30.9 million from USD 14.1 million in June 2021, while non-traditional exports were USD 607.1 million in June 2022 compared to USD 522.4 million in June 2021.

Service Receipts

Services receipts amounted to USD 3,895.9 million in the year ending June 2022 compared with USD 2,402 million in the corresponding period of 2021, driven by both travel (mainly tourism) and transport receipts.

Travel receipts increased to USD 1,707.9 million from USD 871.6 million, consistent with the rise in tourist arrivals by 76% to 1,123,607. The rise in travel receipts signals a recovery in the tourism sector, though it is threatened by the Russia-Ukraine conflict.

On a monthly basis, services receipts were USD 337.3 million, up from USD 213.7 million in the corresponding period in 2021.