Tanzania Gold Exports Up By +309% In YE February 2021, Tourism Down By -67%

Tanzania gold exports February 2021

The Bank of Tanzania (BOT) released its Monthly Economic Review – March 2021, indicating that gold exports, which accounted for 56.3% of non-traditional exports, increased by USD 729.6 million to USD 2,982.5 million in the year-end February 2021, due to volume and price effect.

The increase in the volume of exported gold is partly associated with government efforts to closely oversee the mining activity, BOT explains.

Value of Tanzania Exports YE February 2021

The value of exports of goods and services amounted to USD 8,545.4 million during the year ending February 2021 lower than USD 9,764.0 million in the corresponding period in 2020, largely driven by a decline in services receipts.

Value of Tanzania Traditional Exports YE February 2021

The value of traditional exports decreased to USD 631.9 million from USD 961.1 million, owing to a decline in the value of cash crop exports namely, cotton, tea, sisal, cashew nuts, clove, and tobacco.

Value of Tanzania Non-Traditional Exports YE February 2021

The value of non-traditional exports increased to USD 5,295.3 million from USD 4,129.7 million in the corresponding period in 2020, driven by good performance in manufactured goods, horticultural products, gold, and other minerals. Gold exports accounted for 56.3% of non-traditional exports.

Value of Tanzania Travel Receipts YE February 2021

Services receipts amounted to USD 2,324.0 million during the year ending February 2021, lower than USD 4,331.5 million in the corresponding period in 2020, owing to a decrease in travel receipts.

Travel receipts declined by 67.2% to USD 876.6 million explained by containment measures taken in the fight against the Covid-19 pandemic which included lockdowns and travel restrictions.

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Accordingly, the number of international arrivals declined to 509,773 visitors from 1,553,686 visitors in the year ending February 2020.

Value of Tanzanian Exports February 2021: Month-to-Month

On a month-to-month basis, the value of exports of goods and services declined to USD 638.1 million compared with USD 781.6 million in February.

The value of traditional exports also decreased to USD 24.1 million from USD 90.6 million, largely explained by low export values of cashew nuts, tobacco, and cloves.

The export value of non-traditional exports rose to USD 333.6 million from USD 295.6 million in February 2020, largely explained by an increase in minerals exports.

During February 2021, services receipts amounted to USD 263.9 million compared to USD 374.6 million in the preceding year.