19 November 2012

Tanzania: Dar es Salaam Traditional Exports Up

DAR ES SALAAM, Tanzania has recorded a growth in traditional exports during the year ending August 2012.

The development was mainly attributed to an increase in both export volumes and prices of cotton, tea, cloves and cashew nuts.

The improvement in export volumes was a result of increased production following favorable weather conditions, while the increase in export unit prices was mainly associated with supply and demand factors in the world market.

"Despite the good performance of traditional exports which amounted to $826.6m, a 23.7% higher than the level exported in the corresponding period in 2011, the value of coffee exports declined by 6.4% to $150.4m during August this year," the central bank's monthly economic review said.

According to Bank of Tanzania (BOT)'s report Gold and manufactured goods have motivated to the increase of value of non-traditional exports from $3,657.8m recorded during the year ending August 2011to $4,240.1m recorded this August.

"A tremendous increase of the world market price of gold and the export volume boosted the value of gold exports which increased by 16.5% to $2,272.4m in the review period," the report said.

Statistics available shows that the world market average price for gold was $1,662.3 per troy ounce, an increase of 17.2% from the level recorded in August 2011.

Copyright © 2012 East African Business Week. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.