Tanzania Export earnings post 11.9% growth in November

January 7, 2020 1:37 pm0 comments by:

Tanzania’s export earnings in November 2019, posted an 11.9% growth to $       9. 5 billion riding mainly on gold and manufactured goods, according to the Bank of Tanzania monthly economic report.

The value of exports of non-traditional goods grew by 31.0 percent to USD 4,160.0 million in the year to November 2019, largely driven by gold and manufactured goods. Export of gold, which accounted for 51.4 percent of non-traditional goods exports, increased by 41.9 percent to USD 2,139.9 million on account of both volume and price in the world market.

The increase in volume exported is partly associated with government actions to effectively manage mining activities in the country.

Likewise, manufactured goods exports improved by 28.4 percent to USD 996.0 million in the year to November 2019, largely owing to good performance in exports of iron and steel products, glass and glassware, manufactured tobacco, sisal yarn and twine, and fertilizers.

As Tanzania is keeping an eye of the required measures, work plan and timeframe for development of the manufacturing sector,  export growth should come as a good news for President Magufuli who has declared industrialization as the main agenda of his government.

Among other major sectors, traditional goods exports continued to decline, contracting by 21.4 percent to USD 740.3 million in the year ending November 2019 from the value recorded in the corresponding period of 2018.

The value of all traditional goods exports declined save for coffee, cotton and sisal. Improved performance of coffee, cotton and sisal exports was mainly due to increase in the volume exported following favourable weather during the crop season. Contrary, the value of cashew nuts exports fell following deterioration in world market price. The value of cloves exports also lessened owing to lower volume due to cyclical nature of the crop coupled with a decline in world market price. Price movements of traditional goods exports were broadly in line with developments in the world market prices.

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