Manufacturing sector exports seen up

Business

Written by DAILY NEWS Reporter

GOOD performance in exports of manufactured goods and travel receipt pushed the value of Tanzania’s exports to 8,812.5 million US dollars for the year ended December, 2014, up from 8,459.7 million US dollars recorded in the corresponding period in 2013.

According to the Bank of Tanzania (BoT) monthly economic review, significant increase was recorded in export value of manufactured goods, which increased by 33.8 per cent to 1,434.3 million US dollars from edible oil, textile apparels, plastic goods, fertilizers and paper products.

However, traditional exports including coffee, tea and cotton declined by 10.8 per cent to 791.7 million US dollars driven by decrease in both export volume and prices.

The fall in export prices of traditional exports was consistent with the general price movements in the world market.

However, tobacco, cashew nuts and cloves exports improved relative to the preceding year. The value of sisal exported remained almost unchanged.

The value of non-traditional exports jumped to 3,946.1 million US dollars in the period under review compared with 3,703.3 million US dollars in the corresponding period in 2013.

Gold which has been a dominant non-traditional export, continued to decrease, owing to a decline in both volume and price. However, gold and manufactured goods continued to account for the largest share of non-traditional exports.

Service receipts increased to 3,364.1 million US dollars from 3,201.7 million US dollars recorded in the corresponding period in 2013.

The increase was mainly driven by travel and transportation receipts, associated with the increment in both the number of tourist arrivals and the volume of transit goods to and from landlocked neighbouring countries.

Over the past three years, receipts from travel, transport and other services have been increasing.

Also the period ended December last year saw the value of imports of goods and services slightly increasing to 13,623.2 million US dollars from 13,517.6 million US dollars recorded in the preceding year.

Import of goods amounted to 10,917.8 million US dollars compared with 11,031.3 million registered in 2013. Intermediate goods declined by 10.4 per cent, following a decrease in importation of oil and fertilizers.

The value of oil imports decreased by 15.1 per cent to 3,656.8 million US dollars, mainly due to a fall in volume and prices in the world market.