Joseph Isangura
A new report from the Bank of Tanzania (BoT) has revealed a 14.9% increase in the country’s exports of goods and services over the past year, further evidence of Tanzania’s strengthening economic performance.
According to the BoT’s monthly economic assessment for July 2024, in the 12 months ending June 2024, Tanzania’s total exports reached $14,680.7 million. This growth was fueled by a number of factors, including a surge in tourism revenue as well as higher exports of key commodities like gold, cash crops, vegetables, and fruits.
Exports of traditional cash crops such as cashews, cotton, and coffee saw a 41.8% year-over-year increase, reaching $1,066.3 million. The report attributed this spike to both higher volumes and prices for these agricultural products.
An even more dramatic rise was seen in tobacco exports, which jumped 140% during the period. The BoT noted that this was driven by growth in both the quantity and value of tobacco shipments abroad.
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Beyond agricultural goods, Tanzania also experienced robust growth in non-cash crop exports, which climbed to $6,371.6 million from $6,195.7 million the prior year. This was led by a $3,121.8 million increase in gold exports, accounting for 49% of all non-cash crop exports. Other export categories like fruits, vegetables, fish, and oilseeds also contributed to the overall gain.
Fruit and vegetable exports alone surged to $415.4 million, up from $294.1 million the previous year, with vegetables being a key driver of this improvement.
“These trade figures demonstrate the mounting economic strength Tanzania is experiencing across multiple industries,” commented BoT Governor Florens Luoga. “The diversification and expansion of our export sector bodes very well for the country’s continued prosperity.”
