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    Increased in Exports Grow Tanzania’s Economy- Report

    Posted On 13 Jan 2021
    By : New Africa Business News, Staff Correspondent
    Comments: 14

    By Richard Adorsu-

    Political map of Tanzania
    Photo Credit: iStock

    NEW AFRICA BUSINESS NEWS (NABN) Accra, Ghana– Tanzania’s external sector performance has improved in the year ending November 2020, with the current account deficit dropping to $818.6 million from $1.6 billion for the year ending November 2019.

    According to the Bank of Tanzania’s monthly economic review for December, the improvements “were mainly attributed on account of higher exports of goods coupled with a decline in imports bill”.

    The bank said the overall balance of payments recorded a deficit of $681.9 million compared owing to relatively low official flows. Foreign exchange reserves were down by $829.4 million, from $5.6 billion at end of November 2019 to $4.8 billion at the end of November 2020.

    According to Bank of Tanzania, the level of reserves was still sufficient to cover 5.6 months of projected imports of goods and services excluding foreign direct investment related imports.

    “The import cover was above the country benchmark of not less than four months and conjunction criteria of at least 4.5 months for the East Africa Community. During the year ending November 2020, foreign assets of banks amounted to $1.07 billion compared to $1.02 billion year-on-year,” reads the report. In the same period, gold exports, which accounted for 55.3 per cent of total non-traditional exports, edged up by 33.6 per cent to $2.8 billion.

    According to BoT, the increase in gold exports was in both volume and price. In the year ending November 2019, gold exports were valued at $2.1 billion from $1.5 billion in the same period the previous year.

    On a month-to-month basis, the value of non-traditional exports rose to $447.8 million from $363.9 million in November 2019, due to an increase in exports of manufactured goods, horticultural products and minerals.

     

    For New Africa Business News Richard Adorsu Reports,  Africa Correspondent

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    14 Comments

    1. Johan January 13, 2021 at 3:00 am Reply

      Like to thank you for the daily newsletters. Thank you for the reports. Cape town South Africa. Johan

      • New Africa Business News, Staff Correspondent January 13, 2021 at 3:07 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    2. Erick January 13, 2021 at 3:06 am Reply

      Thank you for the report. Our government in Tanzania has being implementing and formulating, great African policies. Thank to the great Leadership. Kilosa Tanzania. Eric

      • New Africa Business News, Staff Correspondent January 13, 2021 at 3:07 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    3. Baraka January 13, 2021 at 3:11 am Reply

      In Tanzania our, President working day and night, for the development of our Country and Africa. Dodoma Tanzania. Baraka

      • New Africa Business News, Staff Correspondent January 13, 2021 at 3:12 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    4. Calvin January 13, 2021 at 3:14 am Reply

      Thank you, Journalist Adorsu and your team. I enjoy reading your reports. Nairobi Kenya. Calvin

      • New Africa Business News, Staff Correspondent January 13, 2021 at 3:15 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    5. Ben January 13, 2021 at 3:19 am Reply

      Like to thank you for signing me to NABN newsletter. London, England. Ben

      • New Africa Business News, Staff Correspondent January 13, 2021 at 3:19 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    6. Rosine January 13, 2021 at 3:22 am Reply

      The Leadership in Tanzania is doing great work. He need to be thank. Luanda Angola. Rosine

      • New Africa Business News, Staff Correspondent January 13, 2021 at 3:23 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    7. Barbara January 13, 2021 at 3:22 pm Reply

      Great report. Thank you Journalist Adorsu and your team. Barbara in Accra, Ghana

      • New Africa Business News, Staff Correspondent January 13, 2021 at 11:19 pm Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

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