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.