Tanzania records significant $10bn exports value amid global pandemic

Despite the global spread of the coronavirus, the value of exports of goods and services rose to $9.982 bil- lion in the year ending April 2020 from $8.618 billion record- ed in the previous year in 2019. 

According to the Bank of Tanzania’s (BoT) latest report for May 2020, the increase was due to an increase in goods exports. In April 2020, export also in- creased to $634.3 million from $605.7 million registered in April 2019, driven by goods exports. 

The central bank shows that ex- ports of goods rose by 30.3 per cent to $5.897 billion in the year ending April this was driven by tradition- al and non-traditional exports. 

BoT indicates that in April 2020, traditional exports almost doubled to $1.032 billion from $553.7 million posted in the cor- responding period in 2019. This was driven by cashew nuts, cot- ton, cloves and sisal exports. 

The central bank explained that cashew nuts and sisal ex- ports increased on account of both volume and price, whiles exports of cotton and cloves rose due to volume effect. 

However, export of coffee, tea and tobacco declined on account of both volume and price effects. Conversely, exports of cof- fee, tea and tobacco declined. On month-to-month basis, traditional exports amounted to 33.3 million in April 2020, $17.1 million registered in the previous year.

The increase manifested in coffee, cotton, tobacco and sisal exports. Exports of non-traditional goods amounted to $4.33 billion in the year ending April 2020, compared with $ 3.561 billion in the corresponding period in 2019.