Tanzania’s export value hits $12.76 billion in June driven by non-traditional exports

The exports of goods and services in Tanzania scaled to $12.76 billion in June 2023 as compared to $11.004 billion recorded during the same period last year, driven by non-traditional exports according to the Bank of Tanzania (BoT) Monthly Economic Review for July, 2023.

According to the report, the export of non-traditional goods recorded an annual growth of 4.2 percent largely driven by minerals, particularly gold, coal and diamonds.

The value of coal exports increased to $229 million in the year to June 2023, from $57.6 million in the previous year, due to growing demand in the wake of supply shortages following the war in Ukraine.

The exports of diamonds almost doubled to $46.9 million from $29.6 million in June 2022, largely due to price effects.

“As for gold exports, the increase was largely on account of volume effects. Manufactured goods exports also recorded an annual growth of 6.1 percent to $1.402.2 billion, largely driven by fertilizers and cement.

The exports of traditional goods slightly increased to $752.3 million from $737.8 million.

“The increase was mostly manifested in exports of tobacco, cotton, and coffee,” the report shows.

On monthly basis, traditional goods worth $21.5 million were exported in June 2023 compared with $30.9 million in the similar month in 2022, while non-traditional exports increased to $584 million up from $545.3 million.

Services receipts amounted to $5,398 million in June 2023, higher than 3,906.7 million in the year ending June 2022, driven by travel (tourism) and transportation receipts.

“The increase in travel receipts is mostly explained by the escalation in tourist arrivals, which rose by 45.9 percent to 1,638,850—the highest level reached historically—as the tourism sector continues to recover,” the report shows.

On monthly basis, services receipts were $513.7million in June 2023 compared with  $390.5million in June 2022.

Services payments also rose to $2,537.4 million in the year to June 2023 from $2,002.4 million in the corresponding period in 2022, largely driven by freight payments consistent with the growing import bill.