This archive report was first published on 5 July 2020.
According to the Bank of Tanzania's monthly review for May, Tanzania's exports have experienced a notable surge in the year ending April. The country's revenue from exports reached $9.982 billion, a 15.4% increase from $8.618 billion in the same period in 2019.
Month-on-month, exports also increased to $634.3 million in April, from $605.7 million in the same period last year. This growth was driven by traditional and non-traditional exports, with traditional exports almost doubling to $1.032 billion.
Traditional exports, which include cashewnuts, cotton, cloves, and sisal, saw a significant increase, with exports of these goods rising to $1.032 billion in the year ending April, up from $553.7 million in the same period last year.
However, exports of coffee, tea, and tobacco showed a decline, according to the report. Despite this, the overall growth in exports has been driven by the increase in traditional and non-traditional exports.
Non-traditional exports, which include gold, also experienced a significant increase, with exports of gold rising to $2.436 billion in the year ending April, up from $1.677 billion in the same period last year. This growth was driven by an increase in both volume and price in the world market.
Imports of goods and services also increased slightly to $10.289 billion in the year ending April, from $10.274 billion in the same period in 2019. The growth was driven by building and construction materials for infrastructure projects and oil imports.
