The Bank of Tanzania (BOT) published its Monthly Economic Review of March 2017, showing that the annual export value of Tanzanian goods and services amounted…
During the same period exports of goods from Tanzania rose by 85%, from USD5b to USD9.5b. Imports grew by 27%, from USD9.8b to USD12.5b.
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 USD2.3b in 2015, compared to USD1.2b in 2010, representing an increase of 93%.
Tanzania Mineral Exports
Minerals accounted for nearly USD1.4b of the total value of Tanzania’s exports in 2015, compared to USD1.6b in 2010 and USD1.3b in 2009.
Gold exports accounted for USD1.3b of the total value of Tanzania’s exports in 2015, representing more than 90% of the country’s minerals export.
Tanzania’s gold exports remained steady over the past 5 years with USD1.3b in 2010.
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 good exports accounted for USD1.3b of the total value of Tanzania’s exports in 2015, compared to USD994m in 2010, representing an increase of 33%.
Tanzania’s manufactured good 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 USD812m of the total value of Tanzania’s exports in 2015, compared to USD610m in 2010, representing an increase of 33%.
Raw tobacco represents Tanzania’s most important exported cash crop growing from USD 169m worth of exports in 2010 to USD 318m in 2015, followed by cashews which grew from USD 50m to USD 201m, and coffee from USD 109m to USD 162m in the same period.
The top export destinations of the Tanzanian tobacco are Germany, Russia, and Poland, while almost 80% of cashews are exported to India.
Tanzania’s imports are represented mostly by transport equipment, machinery, petroleum, fertilizers, industrial raw materials, food and other consumer goods.
Petroleum imports constituted 25% of the total value of Tanzania’s imports in 2015 with USD2.8b, compared to USD2b in 2010, representing an increase of 42%.
However, Tanzania’s petroleum imports decreased by 21% when compared to its value of USD3.5b in 2014.
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.
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The newly appointed Hungarian Ambassador to Tanzania Hon. Eduard Laszlo Mathe has assured President Magufuli that his country is ready to cooperate with Tanzania in…
The Prime Minister of the Ethiopia Hon. Hailemariam Desalegn Boshe has recently assured the President of Tanzania, Hon. Dr. John Magufuli that his country is…
The Bank of Tanzania (BOT) Monthly Economic Review for January 2017 shows that the value of export of goods and services in the year ending December 2016,…
The United Kingdom (UK) will continue to support Tanzania’s economic development to provide a long-term solution to poverty, enhance job creation and trade in the…
The Bank of Tanzania (BOT) Monthly Economic Review for December 2016 shows that the value of export of goods and services in the year ending November 2016,…
The Bank of Tanzania (BOT) Monthly Economic Review for November 2016 shows that the value of export of goods and services in the year ending October 2016,…
Tanzania and Zambia have agreed to cooperate for stronger trade and investment relations to benefit the economies of both countries.