This archive report was first published on 10 September 2019.
According to the Bank of Tanzania's economic monthly review for August, Tanzania's exports and imports have experienced a notable growth. The country's goods and services exports reached $8,594.5 million in the year ending July 2019, a $59.9 million increase from the $8,534.6 million recorded in the year ending July 2018.
Non-traditional goods accounted for almost 80% of goods exported, valued at $3,689.2 million, a significant increase from the $3,100.7 million recorded in the corresponding period last year. The growth was driven by gold and manufactured goods exports, with the value of gold rising by 23.3% to $1,783.8 million.
On the other hand, traditional exports declined to $499.2 million from $1,113.9 million in the corresponding period in 2018, with all exports of traditional goods except coffee and cotton experiencing a decline.
The Bank of Tanzania has implemented measures to improve the value chain of exports in order to achieve better results.
Foreign exchange earnings from exports of services also rose, accounting for 46.2% of total exports, with a value of $3,987.3 million in the year ending July 2019, a $88.8 million increase from the $3,898.5 million previously. The rise was driven by receipts from travel, mainly from tourism, which rose by 3.6% to $2,412 million as tourist arrivals increased.
Imports of goods and services also rose to $10,473.5 million from $9,896.5 million in the year ending July 2018, with the import bills for goods rising by 9.4% to $8,446.6 million. The increase was driven by capital goods due to ongoing public and private sector investments in infrastructure projects, with oil imports rising by 8.8% to $1,953.9 million on account of price growth.
