East African Community Partnership Fund Receives Grant
According to recent reports, the East African Community (EAC) Partnership Fund has received a EUR 1 million grant through the German government’s Technical Cooperation (GTZ)….
Tanzania Trade
Tanzania trade balance resulted in a trade deficit of USD 1.3 billion in 2019. However, the trade gap shrank by 65% over the past 5 years, from USD 3.6 billion in 2015.
During the same period exports of goods from Tanzania rose by 9%, from USD 8.9 billion to USD 9.7 billion. Imports decreased by 12%, from USD 12.5 billion to USD 9.7 billion.
Tanzania Exports
Tanzania main exports are tourism, minerals, manufactured goods, crops, fish and fish products, and horticultural products.
Tanzania Tourism Exports
The Tanzanian tourism sector is the country’s number one foreign currency earner.
Visitor exports generated USD 2.5 billion in 2019, compared to USD 2 billion in 2015, representing an increase of 25%.
Tanzania Mineral Exports
Mineral exports of Tanzania amounted to nearly USD 2.3 billion in 2019 (24% of total exports), compared to USD 1.4 billion in 2015.
Tanzania’s gold exports accounted for USD 2.2 billion of total exports in 2019, representing more than 90% of the country’s mineral exports.
Gold exports increased by 83% over the past 5 years with USD 1.2 billion in 2015.
Tanzania exports gold mainly to South Africa, India and Switzerland. Other mineral exports of Tanzania include diamonds, tanzanite, rubies, sapphires, emerald, copper, silver and other precious stones.
Tanzania Manufactured Good Exports
Manufactured goods exports accounted for USD 985 million (10%) of the total value of Tanzania’s exports in 2019 compared to USD 1.4 billion in 2015, marking a decrease of 30%.
Tanzania’s manufactured goods exports include cotton yarn, manufactured coffee and tobacco, sisal products (yarn and twine), plastic items, textile apparels, cement, and wheat flour.
Tanzania Crop Exports
Crop exports accounted for USD 830 million (9%) of the total value of Tanzania’s exports in 2019, compared to USD 793 million in 2015, representing an increase of 5%.
Raw tobacco and cashew nuts are Tanzania’s most exported cash crops. The top export destinations of the Tanzanian tobacco are Germany, Russia, and Poland, while almost 80% of cashews are exported to India.
Tanzania Imports
Tanzania’s imports are represented mostly by transport equipment, machinery, petroleum, fertilizers, industrial raw materials, food and other consumer goods.
Petroleum imports constituted 20% of the total value of Tanzania’s imports in 2019 with USD 2.2 billion, compared to USD 3.2 billion in 2015, representing a decrease of 30%.
Tanzania imports petroleum mainly from India, the United Arab Emirates, and Switzerland.
Tanzania Trading Partners
Tanzania’s major trading partners include: China, Germany, Japan, India, the European Union, United Arab Emirates, United Kingdom, Kenya, Japan, India and South Africa.
Major commercial/trading cities in Tanzania include Dar es Salaam, Mwanza, Zanzibar, Arusha, Mbeya, Tanga, Kilimanjaro and Kigoma.
Tanzania Export and Special Economic Zones
A Special Economic Zone is a geographical area that has more liberal economic laws than the country’s typical laws.
It is an economic development tool to promote rapid economic growth by using fiscal and business incentives to attract investments and technology.
In 2002 Tanzania established its Export Processing Zones (EPZ) scheme, to provide for the establishment of export oriented investments within the designated zones with the views of creating international competitiveness for export led economic growth.
Tanzania’s EPZs promote exports of products that use local materials, such as textiles and garments, leather goods, agro-processing, and the lapidary industry.
In addition in 2006 the Special Economic Zones (SEZ) scheme was introduced, to promote quick and significant progress in economic growth, export earnings and employment creation.
SEZ also aims at attracting private investment in the form of both Foreign Direct Investments (FDI) and Domestic Direct Investment (DDI) from all productive and service sectors.
EAC Trade Statistics Database Being Developed
According to recent reports, the secretariat of the East African Community (EAC) has begun working on a plan to harmonize all the trade statistics from…
Tanzania Ratifies East African Common Market
Tanzania Ratifies East African Common Market The much debated East Africa Common Market protocol was ratified yesterday by the Parliament of Tanzania. While some members…
Export Processing Zone opens in Tanzania
Export Processing Zone opens in Tanzania Kamal Industrial Estate, an initiative by the Kamal Holding to develop the first ever Private EPZ (Export Processing zone)…
China-Tanzania Economic Trade Cooperation Developments
Plans to further develop the Sino-Tanzanian economic and trade cooperation have been proposed by the Chinese Minister of Commerce Chen Deming during a recent meeting…
Gates Foundation Supports Tanzania Private Sector
A recently published report by the East African Business Week (EABW) has revealed that more than USD 4 million has been injected into the Tanzania…
Tanzania Trade with Turkey to Increase
According to a recent report by The Daily News, Turkey is prepared to begin increasing its overall bilateral trade with Tanzania from USD 60 million…
Switzerland-Tanzania Business Relations Celebrated
A series of events celebrating Tanzania business relations with Switzerland was recently launched earlier this month by the embassy of Switzerland in Tanzania. The title…
Improved Tanzania Trade Relations with Russia Sought
According to a recent report by The Citizen, during the Tanzania-Russia Business Forum, which was recently in Dar es Salaam, it was indicated that the…
Tanzania Investment Center Streamlines Licensing
According to a report by the Guardian earlier this month, the Tanzania Investment Centre (TIC) has finished streamlining the procedures that are required in order…