High demand, price increase gold earnings

Published Sep 7, 2020

Tridge summary

Tanzania's gold exports saw a significant increase in July, reaching $266.8 million from $129.4 million in the same period last year, largely due to a rise in global price and demand. Non-traditional exports, mainly minerals and horticultural products, also surged by 52.8% to $2,728.7 million, contributing to a notable improvement in the external sector and a shift from a deficit to a surplus in the balance of payments. The value of exports of goods and services also increased to $9,815.3 million in the year ending July, driven by a rise in the exports of traditional and non-traditional goods. However, coffee and tea exports experienced a decline due to low export volumes and prices.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

THE value of gold export increased to $266.8m in July compared to $129.4m in the corresponding month in 2019, owing to a rise in global price and demand due to weakening of financial asset prices. The Bank of Tanzania (BoT) monthly economic review for August shows that gold export accounted for 56 per cent of non-traditional exports growing by 52.8 per cent to $2,728.7m on account of volume and price effects in the world market During the reference period, non-traditional goods exports improved to $4,869.9m in the year ending July from $3,680.5m in the corresponding period last year, mostly driven by minerals particularly gold and horticultural products. The outstanding performance of the traditional and non-traditional exports made the external sector development continue improving, reflecting the diminishing impact of the coronavirus pandemic on the global supply chain. For example, during the year ending July, the balance of payments improved to a surplus of $149.6m in the year ...

Source: Dailynews