Tanzania Exports Declined by -11% In YE May 2021 due to Plummet in Tourism Arrivals

Tanzania exports YE May 2021

The Bank of Tanzania (BOT) Monthly Economic Review – June 2021 indicates that during the year ending May 2021, the value of exports of goods and services declined by -11% during the same period in 2020, largely attributed to a decrease in travel receipts.

During the year ending May 2021, the value of exports of goods and services amounted to USD 8,500.0 million compared to USD 9,554.6 million in 2020. However, BOT stresses that exports performed satisfactorily despite a decline.

Value of Tanzania Goods Exports YE June 2021

The value of goods exported increased by 6.6% to USD 6,233.6 million, owing to the good performance of non-traditional exports.

Value of Tanzania Non-Traditional Exports YE May 2021

During the period, the value of non-traditional exports rose to USD 5,364.0 million from USD 4,530.5 million, with a significant increase registered in exports of gold, manufactured goods and horticultural products.

Gold exports, which accounted for 56.4% of total non-traditional exports, increased by USD 505.3 million to USD 3,027.4 million. This was fostered by supportive prices in the world market and ongoing Government initiatives to manage the mining sector.

On a month-to-month basis, the export value of non-traditional exports fell to USD 468.7 million from USD 504.3 million in May 2020, following low exports of mineral concentrates.

Value of Tanzania Traditional Exports YE May 2021

During the year ending May 2021, the value of traditional exports declined to USD 577.4 million from USD 998.9 million in the corresponding period in 2020, owing to lower export values of all cash crops except coffee and sisal.

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Prices for all cash crops increased during the period save for tea and cashew nuts.

On a monthly basis, the value of traditional exports remained broadly the same amounting to USD 15.9 million in May 2021 compared with USD 14.8 million registered in the corresponding period in 2020.

Tanzania Travel Receipts YE May 2021

Services receipts decreased by 39.2% to USD 2,266.5 million for the year ending May 2021. Travel receipts, which account for 38.0% of total service receipts, declined by 62.0% to USD 795.8 million, owing to containment measures implemented by various countries against the COVID-19 pandemic.

Thus, the number of international arrivals declined by 56% to 589,570 from 1,341,958 in the year to May 2020.

In May 2021, services receipts increased to USD 189.6 million, compared to USD 109.7 million in May 2020, attributed to increase in travel receipts.