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Saturday, 31 May 2014

BOT: DESPITE SHARP DECLINE IN VALUE, GOLD DOMINATES NON-TRADITIONAL EXPORTS


Despite recording a decline in value of 4.4 percent, gold continued to dominate nontraditional exports, the Bank of Tanzania (BoT) Monthly Economic Review for the Month of April has said.

The review said during the year ending March 2014, the value of non-traditional exports declined by 4.4 percent to USD3,852.8m.

This was mainly driven by low export values of all non-traditional goods with the exception of manufactured goods, other minerals and re-exports.

Much of the decline was recorded in export value of gold, which went down by 11 percent to USD1,749.1m following a fall in the export volume coupled with a decline in the unit export price by 19.9 percent to an average of USD1,327.2 per troy ounce.


During the period under review, the value of traditional exports declined by 5 percent to USD870.5m compared to the level recorded in the year ending March 2013.

The decline in value of traditional exports was driven by a fall in export volumes and unit prices of some crops.

The value of coffee, cotton and cashewnuts declined due to a fall in both export volumes and unit prices, while that of tea was driven by a decline in export unit price alone. 

Moreover, cloves and sisal recorded increases in export values owing to both export volumes and unit prices, whereas the value of tobacco increased mainly due to higher export unit prices as volume declined.

It further said service receipts increased by 14.2 percent to USD3,277.7m compared to USD2,870m recorded in the year ending March 2013.
On the other hand, travel receipts increased to USD1,927.6m from USD1,735.3m recorded during the year ending March 2013.

The increase in travel receipts is partly associated with a growing number of tourist arrivals in recent years.

At the same time, transport receipts increased by 22.8 percent to USD817.8m.
During the year to March 2014, the value of imports of goods and services was USD13, 765.3m, an increase of 6.6 percent compared to the amount recorded in the year ending March 2013.

Much of the increase was observed in oil, all other consumer goods and transport payments. The value of oil imports rose by 12.7 percent to USD4,226.3m, due to an increase in volume as oil prices in the world market declined.

In addition, significant increase in the category of all other consumer goods was observed in pharmaceutical products, paper products and plastic items. Nonetheless, the increase in overall total value of goods import was dampened by a significant decline in the importation of machinery.

In the meantime, the share of oil to total goods imports increased to about 37.6 percent compared to 35.7 percent recorded in the year ending March 2013.

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