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 ending this July, from a deficit of $643.8m in the
year ending July 2019.
The current account
deficit narrowed to $602.3m from a deficit of $1,902.7m on account of
higher value of goods exports, coupled with a decrease in import bills.
Meanwhile, foreign assets of banks amounted to $1,085.3m at the end of July, higher than $1,053.9m at the end of July last year.
The value of
exports of goods and services increased to $9,815.3m in the year ending
July this year from $8,706.6m in the corresponding period in 2019, owing
to rise in exports of goods.
On monthly basis,
the exports of goods and services amounted to $752.2m in July this year,
higher than $557.9m in July last year, driven by exports of goods.
The exports of
traditional goods namely cotton, sisal, cashew nuts, coffee, tea,
tobacco and cloves doubled to $1,016.5m in the year ending July from
$503.3m in the corresponding period in 2019. The increase manifested in
exports of cashew nuts, cotton, cloves and sisal.
The increase in the
value of sisal export was on account of both volume and price in the
world market. Export values of cashew nuts, cotton and cloves rose due
to improved export volume on account of production increase.
By contrast, export values for coffee and tea declined on account of low export volume and prices in the world market.
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