Tanzania’s export value hits $12.3 billion in February driven by non-traditional exports

The value of exports of goods and services in Tanzania increased to $12.38 billion in February 2023  from $10.202 billion recorded during the corresponding period last year , mostly driven by non-traditional exports (particularly minerals and manufactured goods), and services receipts, mainly tourism.

According to the Bank of Tanzania (BoT) Monthly Economic Review for March 2023, notable increase was registered in the exports of minerals, particularly gold, coal, and diamonds.

Coal exports grew significantly to $228.6 million from $23.2 million, owing to heightened demand for alternative source of energy following supply disruptions stemming from the war in Ukraine.

Exports of diamonds was $66.9 million, higher than $9.6 million posted in February 2022, following improved production coupled with increase in prices in the world market.

Meanwhile, Gold exports registered annual increase of 7 percent to $2.85 billion, on account of both volume and price effects.

“Likewise, export of manufactured goods increased by 19.9 percent to $1.49 billion, largely driven by fertilizer, iron and steel, and cement,” according to the BoT Monthly Economic Review for March, 2023.

Traditional exports also increased to $748.7 million in February 2023, from $687 million recorded in the similar period in 2022, following improved performance of all traditional crops exports, save for cloves.

“On monthly basis, traditional exports amounted to $47.4 million compared with $53.4 million in February 2022. Non-traditional exports were $430.5 million, higher than $ 419.6 million in February 2022,” the report said.

Service receipts increased to $4.99 billion in February 2023, from $3.323 billion in the corresponding period in 2022, largely driven by tourism and transport receipts.

Travel receipts almost doubled to 2.7 billion, attributed by the increase in tourist arrivals to 1,550,333 from 959,329, being above the pre-pandemic level of 1,527,230 in 2019, reflecting continued recovery of the tourism sector.

“On monthly basis, services receipts were $451.3 million in February 2023 compared with $336.9 million in February 2022,” according to the report.