Tanzania, Monthly Economic Review shows Gold Exports Heighten by + 25.1 % to $ 1,915.3 Million

By Abdul Rahman Suagibu –

Bank of Tanzania
Photo Credit: Wikipedia

NEW AFRICA BUSINESS NEWS, Freetown, Sierra Leone-  Recently, Bank of Tanzania (BOT) Monthly Economic Review discovers in this year, gold exports moved upwards by +25.1% to $ 1,915.3 million, and sustained advance by large number of more than half of non-traditional exports that accounted for it.

The importance of non-traditional exports was $ 3,904.2 million upon completion of August 2019 compared with $ 3,257.5 million in the structuring period in 2018, hugely driven by minerals with particularity of gold and manufactured goods.

Increasingly, the export of manufacturing goods evidenced clearly in manufactured coffee, yarn and twine, iron, steel, and fertilizers.

Services that gives to $ 3,916.3 million in the year ending August 2019 compared with $ 3,887.4 million in the year ending August 2018 and accounted for 44.7 % of total exports. And it was emerged thus; the increase from travel receipts.

Photo Credit: Thenewdemocrat

The value of traditional goods exports fell by 55.0% year-on-year to $ 508.8 million in the year ending August 2019. The fall was made public for all traditional goods exports save for coffee.

The value of coffee exports moved upwards on the basis of increase in the volume following good weather during the crop season, while that of cashew nuts declined due to fall in both volume and unit prices in the world market.

The value of cloves, tobacco and sisal export decreased on account of volume, while that of tea was driven by price in the world market.

Cloves was unable to meet the task as expected thus; the periodic nature of the crop.

For the year ending August 2019, the overall export of goods and services improved slightly to $ 8,770.6 million from $ 8,713.2 million in the year ending August 2018.

For New Africa Business News Abdul Rahman Suagibu Reports,  Africa Correspondent

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