This archive report was first published on 15 November 2019.
Trade earnings in Tanzania have taken a hit, with the country's exports declining to $563.5 million in the year ending September, down from $1 billion in the same period in 2018.
The decline is largely attributed to a drop in cashew exports, which has been affected by a decrease in prices in the world market and reduced volumes following a government initiative to safeguard farmers' earnings.
According to the Bank of Tanzania's monthly economic review for October, about 90,000 tonnes of cashewnuts stock from the 2018/2019 season were exported in August and September.
However, the value of exports of coffee and tea improved, supported by favourable weather conditions.
Services payments also fell by 10.1 per cent to $1.9 billion, attributed to a decline in travel payments.
On a positive note, foreign payments for transport services, mainly freight, rose by 18.8 per cent to $986.2 million in line with the growth of imports.
Despite the decline in cashew exports, the value of goods and services exports rose by 5.2 per cent to $9 billion due to an increase in services receipts and the value of non-traditional exports.
Exports of non-traditional goods increased to $4 billion from $3 billion the previous year, with earnings from all major categories of non-traditional exports increasing, except for fish and fish products.
Manufactured goods exports also saw a significant increase, rising by 32.6 per cent to $1 billion, driven by sisal products, iron and steel, glass and glassware, manufactured tobacco, and fertilisers.
