M a r k e t N e w s
Tanzania: Manufacturers, Gold Boost Export Earnings
Posted on : Friday, 12th August 2016
Manufacturing sector and gold emerged to be the key contributors of export earnings after posting 6.042tri/- in May, this year, Vodacom launches communication solution for SMEs compared to 5.82tri/- generated in the previous month.
Manufactured goods posted 18 per cent increase to 3.27tri/- (1,516.5 million US dollars) in May this year compared to 11.4 per cent to 3.22tri/- (1,493.5 million US dollars) of the previous month.
Gold exports recovered slightly by 3.6 percent to 2.76tri/- (1,280.9 million US dollars) compared to 2.59tri/- (1,202.6 million US dollars) as a result of an increase in export volume, amidst a sustained low price in the world market.
The Bank of Tanzania (BoT) monthly economic review for June shows that the notable increase was registered in sisal products, manufactured tobacco, textile apparel and plastic items.
Other products apart from manufactured goods that posted superb performance are oil seeds, cereals, cocoa, wood products, and hides and skins as well as small exports classified as 'other exports' that generated 2.23tri/- (1,036.6 million US dollars).
During the year ended May, the value of non-traditional exports jumped to 9.88tri/- (4,575 million) compared with 8.46tri/- (3,920.5 million US dollars) in the corresponding period last year.
The BoT reports show further an increase in services receipts to 8.27tri/- (3,829.3 million US dollars) compared with 7.86tri/- (3,640 million US dollars) of the previous year. The contributions largely came from the increases in travel and transport receipts contributed immensely to the improvement.
Travel receipts increased by 6.6 percent to USD 2,307.1 million due to an increase in the number of tourists, while transport receipts rose by 10.9 percent to USD 1,053.8 million, on account of improvement in volume of transit goods.
Export earnings increased by 9.4 per cent to 21.67tri/- (10,036.5 million US dollars) in the year ending May compared to 8.5 per cent rise to 21.49 tri/- (9,953.3 million US dollars) largely due to superb performance in travel receipts, manufactured goods and gold.
Source : allafrica.com
