Tanzania Tourism and Gold Revenues Up in 2019

Tanzania Service and Tourism Revenues 2019

The latest Bank of Tanzania (BOT) Monthly Economic Review of January 2020 indicates that in the year ending December 2019, travel proceeds, mostly from tourism-related activities, grew by 3.2%, to USD 2,526.2 million in 2019.

The growth was much associated with an increase in the number of tourists arrivals.

Tourism revenues accounted for 61% of all service receipts, which increased to USD 4,139.5 million in 2019 from USD 4,014.7 million in 2018.

During the same period, the overall value of Tanzanian exports increased to USD 9,712.6 million from USD 8,394.3 million in 2018. As in recent months, the improvement was largely due to an increase in service receipts and the value of non-traditional goods exports.

The value of all non-traditional goods exports increased, except re-exports. Gold exports, which accounted for 52.3% of non-traditional goods exports, increased by 45.5% to USD 2,217.1 million, driven by both volume price in the world market.

Manufactured goods exports grew by 24% to USD 984.9 million, driven by sisal yarn and twine, iron and steel products, glass and glassware, manufactured tobacco and fertilizers.

The value of traditional exports rose to USD 829.9 million in 2019 from USD 772.1 million a year earlier, driven by cashew nuts, cotton, and coffee.

The increase in the value of cashew nuts exported was on account of higher volume that outweighs the impact of price decline in the world market.

Likewise, improvement in coffee and cotton exports was due to the increase in volume following good weather during the crop season.

RELATED:  Acacia Gold Production Down -30%

Conversely, the value of cloves exports decreased due to a price decline in the world market, while for tobacco it was on account of low export volume and price.