28 January 2013

Tanzania: Exports Hit U.S.$8.53 Billion

Dar es Salaam — The Bank of Tanzania (BoT) has said that an increase in receipts from travel, manufactured goods and traditional exports has improved performance for the country.

According to BoT's Monthly Economic Review for December, 2012, the value amounted to $8,531.7m during the year ending November 2012 compared with $7,384.4m recorded during the corresponding period in 2011.

The BoT report indicates that during the year ending November 2012, services receipt were $2,673.2m compared with $2,289.5m that were recorded in the corresponding period in 2011, largely driven by travel and transportation revenues.

The good performance in travel receipts is largely attributed to the continued increase in international arrivals, the BoT Governor Prof Beno Ndulu said in a report availed to East African Business Week in Dar es Salaam.

"The increase in the number of international tourist arrivals is partly explained by promotional efforts abroad about the country's endowment of assets in terms of natural resources, diverse cultures and the warmth of its people," said Prof Ndulu.

He added that the value of traditional exports amounted to $907.7m, compared to $684.3m exported during the year ending November 2011. "This development was mainly attributed to an increase in export volumes and unit prices." The traditional crops which showed significant improvement include tobacco, cotton and coffee.

The report said that the improvement in export volumes was a result of increased production following favourable weather conditions among others, while the increase in unit export prices was mainly associated with increase of prices in the world market.It further said the value of non-traditional exports was $4,186.6m, which is 11.8% higher than the level recorded during the year ending November 2011, mostly driven by an increase in manufactured goods and other exports.

During the period, the value of manufactured goods increased by 23.6% to $1,073.7m, partly associated with improved industrial production as power supply continues to stabilize, the monthly economic review said. Likewise, the value of other exports increased to $538.7m from $332.5m recorded during the year ending November 2011. Most of the increase was recorded in the exports of edible vegetables.

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