Dar es Salaam. Some local products remained resistant to the shockwaves of the Covid-19 after increasing their sales outside Tanzania amid decreasing exports.
According to the Bank of Tanzania (BoT), the value of exports of gold, manufactured goods and horticultural products increased during the year ending July 2021 which was affected by the pandemic that has disrupted economic activities across the world.
During the year, exports of goods and services amounted to $8.98 billion compared with $9.38 billion in the corresponding period in 2020.
Much of the decline was observed in travel receipts, reflecting impact of the pandemic which had hit hard on the tourism industry.
However, exports of gold which is considered a safe haven amid volatility in the financial markets, increased by $261.9 million to $2.99 billion and accounted for 53.8 percent of export of non-traditional exports. “This was largely boosted by high price in the world market,” said the central bank in its monthly economic review for August.
Export of manufactured goods increased by 36 percent to $1.12 billion, while horticultural products increased to $332 million from $194.6 million.
The report stated that exports categorised under other exports sub-group surged by 84.1 percent to $739.3 million, mostly due to an increase in exports of rice and beans to neighbouring countries, and oil seeds to Asia.
The central bank also said exports of goods increased by five percent to $6.47 billion, with non-traditional exports rising by $703.1 million to $5.56 billion.
Traditional exports decreased to $593.7 million in the year ending July 2020 from $991.4 million during the corresponding period in 2020, largely due to low prices, owing to subdued demand in world market attributable to effects of the pandemic.
The decline was observed in all traditional export crops, except coffee and sisal.