Tanzania Gold Exports Up by 42% in November 2019

The latest Bank of Tanzania (BOT) Monthly Economic Review of December 2019 indicates that in the year ending November 2019, gold exports rose by +41.9% to USD 2.1 billion on account of volume and price effects.

During the same period, the overall value of goods and services exports rose by 11.9% to USD 9,534.4 million on account of an increase in the value of non-traditional goods exports and service receipts.

The value of exports of non-traditional goods grew by 31.0% to USD 4.1 billion, largely driven by gold, which accounted for 51.4% of non-traditional goods exports, and manufactured goods.

Manufactured goods exports improved by 28.4% to USD 996 million, largely owing to good performance in exports of iron and steel products, glass and glassware, manufactured tobacco, sisal yarn and twine, and fertilizers.

Service receipts improved to USD 4.1 billion from USD 3.9 billion in the year ending November 2018, largely owing to an increase in earnings from transport and travel services.

Travel receipts, which accounted for 43.5% of goods and services exports, rose by 2.9% to USD 2.5 billion following an increase in the number of tourist arrivals.

Traditional goods exports continued to decline, contracting by 21.4% to USD 740 million in the year ending November 2019 from the value recorded in the corresponding period of 2018.

The value of all traditional goods exports declined save for coffee, cotton, and sisal. Improved performance of coffee, cotton and sisal exports was mainly due to an increase in the volume exported following favorable weather during the crop season.

Contrary, the value of cashew nuts exports fell following a deterioration in world market price. The value of cloves exports also lessened owing to lower volume due to the cyclical nature of the crop coupled with a decline in world market price.