The value of Tanzania’s exports rose by 5 per cent to $2.05 billion from the value recorded in the corresponding last year according to the latest Bank of Tanzania (BoT) Quarterly Economic Bulletin.
The outturn was attributed to higher export values of traditional and manufactured goods.
According to the Central Bank report, the value of traditional goods export increased to $184.9 million from $173.2 million, supported by increased exports of cotton, sisal and tobacco.
The exports of manufactured goods increased to $460.4 million from $306.1 million, driven by cement, textiles, and fertilizer, particularly from Minjingu company.
“Most of the manufactured goods were destined to neighbouring countries, particularly Democratic Republic of the Congo (DRC), Kenya, Rwanda and Burundi.
Meanwhile the Imports value also increased to $4.3 billion in Q3, 2022, from $2.5 billion, largely on account of a higher imports bill of white petroleum products, fertilizers, and machinery and mechanical appliances due to higher prices in the world market.
The report noted that Tanzania’s terms of trade remained favourable and above the benchmark of 100, albeit decreasing by 2.2 percentage point to 100.5 in Q2,2022 from 102.7 recorded in Q1,2022.
“This suggests that every unit value of good exported by Tanzania could buy more than a unit value of imported goods. However, the continued sharp increases in import prices poses a risk to the country’s competitiveness,” the report added.