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Tanzanian Businesses Optimistic About Export Growth Prospects Due to Government Support

Tanzania Africa Trade Barometer 2023

The Standard Bank Group recently released its Africa Trade Barometer 2023 report, one of the most comprehensive research reports on the state of trade on the African continent, as experienced by African businesses.

The report provides insights and analyses, highlighting trade trends and opportunities. It offers a comparative view of the enablers and challenges to facilitating trade across 10 key African economies: Angola, Ghana, Kenya, Mozambique, Namibia, Nigeria, South Africa, Tanzania, Uganda, and Zambia.

It provides a reliable source of data and insights on African markets and economies for businesses, entrepreneurs, businesspeople, students, governments, NGOs, and investors considering the continent.

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The Barometer also aims to be an important tool that enables businesses to identify, unlock opportunities, and drive growth across the continent, taking full advantage of the African Continental Free Trade Area (AfCFTA) in the years to come.

Qualitative and quantitative intelligence were gathered from 2,554 firms during August and September 2022 for the second issue, representing small, large, and corporate businesses across all 10 economies.

This intelligence is further enriched by data from third-party sources, including the World Bank (WB), the International Monetary Fund (IMF), the International Trade Center, and the central banks of the 10 focus markets.

The 10 countries were ranked on seven broad thematic categories of data that impact trade, namely: 1) Macroeconomic stability, 2) Governance and economy, 3) Infrastructure, 4) Trade openness, 5) Foreign trade, 6) Trader financial behavior, and 7) Access to finance.

Tanzania is included among the countries that showed significant improvements from the previous Barometer, thanks to export growth prospects.

Significantly more businesses in Tanzania (up from 53% to 63%) feel that the government supports cross-border trading activities.

This is why most (81%) of Tanzanian businesses are optimistic about export growth prospects.

This improvement in Tanzania’s perception of support for trade reflects the change in administration and the efforts of the country’s new President Hassan to engage with world leaders and build international relations.

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