Tanzania exports rise amidst falling virus restrictions

Published 2020년 10월 13일

Tridge summary

The Tanzanian external sector has seen improvement as the impact of the Covid-19 pandemic lessens, according to the Bank of Tanzania. The value of exports of goods and services increased to $9,300.2m in the year ending August, up from $8,972.7m the previous year, driven by a rise in traditional and non-traditional exports. Traditional exports, including cashew nuts, cotton, cloves, and sisal, nearly doubled to $995.6m, while non-traditional exports, mainly gold, increased to $4,888.5m. The current account deficit narrowed to $772.2m from $1,764.0m the previous year, leading to a moderate overall balance of payments deficit of $150.0m. However, the value of service receipts, mainly from tourism, decreased by 35.8% to $1,660.9m due to a drop in tourist arrivals caused by the pandemic.

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Original content

THE Tanzania external sector has continued improving as the intensity of Covid-19 pandemic and restrictions on global economic activities fade. According to the Bank of Tanzania (BoT) monthly economic review for September, the situation has contributed to an increase in the exports of goods coupled with a decrease in imports. The value of exports of goods and services amounted to $9,300.2m in the year ending August compared to $8,972.7m in the corresponding period in 2019, owing to an increase in goods exports. The value of traditional exports almost doubled to $995.6m in the year ending August from $512.5m recorded in the corresponding period last year, explained by increased exports value for cashew nuts, cotton, cloves and sisal. Sisal exports rose on account of increase in both volume and unit prices. Export values for cashew nuts, cotton and cloves rose due to improved export volumes, supported by improved production. By contrast, export values for coffee and tea declined on ...

Source: Dailynews