The Bank of Tanzania (BOT) released its Monthly Economic Review – April 2021, revealing that gold exports increased by USD 701.3 million to USD 3,025.4 million in the year-end March 2021.
The increase in the revenues of exported gold is due to an increase in the market price of gold and government initiatives in supporting the mining industry, BOT explains.
Value of Tanzania Exports YE March 2021
The value of exports of goods and services amounted to USD 8,415.2 million during the year ending March 2021, lower than USD 9,619.1 million recorded in the corresponding period in 2020, largely explained by a decrease in services receipts (mainly tourism).
In March 2021, however, the value of exports of goods and services was USD 718.8 million, higher than USD 617.5 million recorded in March 2020.
Value of Tanzania Non-Traditional Exports YE March 2021
The value of non-traditional exports increased to USD 5,410.2 million in the year ending March 2021 from USD 4,180.2 million registered in the corresponding period in 2020, driven by an increase in export of gold, manufactured goods, and horticultural products.
During the period, gold exports accounted for 55.9% of non-traditional exports, increased by USD 701.3 million to USD 3,025.4 million.
On a month-to-month basis, the export value of non-traditional exports rose to USD 442.4 million from USD 327.4 in March 2020, mostly explained by an increase in mineral exports.
Value of Tanzania Traditional Exports YE March 2021
Conversely, the value of traditional exports decreased to USD 590.7 million from USD 994.4 million in the corresponding period in 2020, on account of low values of all exported cash crops save for coffee.
The increase in the value of coffee exports, was mainly due to a rise in the price of coffee in the world market.
On a monthly basis, the value of traditional exports of goods also decreased to USD 21.4 million from USD 62.3 million in the corresponding month of 2020, mainly due to low export values of cashew nuts, tobacco, and cloves.
Value of Tanzania Travel Receipts YE March 2021
Services receipts amounted to USD 2,116.7 million during the year ending March 2021, lower than USD 4,070.7 million recorded in the corresponding period in 2020, largely explained by a decrease in travel receipts.
Travel receipts declined by 71.9% to USD 677.3 million, due to containment measures instituted by various countries against the Covid-19 pandemic including lockdowns and travel restrictions.
Consequently, the number of international arrivals declined to 514,625 from 1,511,944 in the year to March 2020.
However, on a monthly basis, during March 2021 services receipts increased to USD 232.7 million compared to USD 208.5 million in March 2020, owing to an increase in travel receipts.