Tanzania’s Gold exports dwindle, rake in 2 billion USD

Gold exports continued to perform weakly in the year ending April 2013, with the volume of sales abroad dropping to 37 metric tons from the preceding year’s 39.3 tons.

Bank of Tanzania (BoT)

The Bank of Tanzania (BoT) monthly economic review for the month of April shows that revenues generated from gold exports declined to 1,960.4 million US dollars compared to 2,271.1 million US dollars of the previous year.

The percentage share to total non-traditional exports declined to 48.9 per cent from 58.1 per cent of the year before. Despite the fall, gold and manufactured goods accounted for the largest share of non-traditional exports in the year under review.

The percentage share of manufactured goods to total nontraditional exports however increased to 26.3 per cent from 22.7 per cent registered in the previous period while revenues generated from exports of manufactured goods rose to 1,053.6 million US dollars from the preceding year’s 886.1 million US dollars.

In the list, according to the BoT report, horticulture that includes edible vegetables registered a minimal percentage share of 1.3 per cent from about one per cent recorded in the last session.

With the exception of gold, all other non-traditional exports increased with much of the gains recorded in manufactured goods that raked in 1,053.6 million US dollars compared to 886.1 million US dollars recorded during the year ending April 2012.

According to the report, the total value of non-traditional exports amounted to 4,011.1 million US dollars in the year ending April compared to 3,908 million US dollars recorded in the corresponding period.

In the meantime, the value of traditional exports increased by 189.0 million US dollars in the year ending April 2013, from a decline of 11.3 million US dollars last year, largely driven by volumes as unit export prices recorded a decline for most of the crops.

The performance is attributable to good weather condition in growing areas coupled with good price in the preceding years that led to a substantial increase in the production of coffee, cotton and cashew nuts.

By SEBASTIAN MRINDOKO, Tanzania Daily News

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