The value of export of goods and services in the country has increased to $7.99 billion compared to $7.05 billion recorded during the year ending June 2011 as import increases.

The monthly economic review report for July released to East African Business Week in Dar es Salaam by the central bank said the improvement was largely on account of increase in gold exports and travel receipts.

The central bank economic review said that traditional exports amounted to $761.1m, which is 9.2% higher than the level exported in the corresponding period of 2011.

“This development was mainly attributable to an increase in both export volumes and prices of cotton, tea, cloves and cashewnuts,” the BoT report said.

However the exports value of tobacco declined by 5.9% to $271.9m mainly due to decrease in the world market prices.

The value of non-traditional exports was $4.11bn, compared to $3.56bn recorded during the year ending June 2011, dominated by gold and manufactured goods.

The value of gold exports increased by 30.4% to $2.33b largely due to a rise in the world market price by 21.9% to $1,671.08 per troy ounce, the review said and added that the volume of gold exports also went up to 38.4 tons from 37.4 tons recorded during the year ending June 2011.

During the year ending June 2012, services receipt were $2.39b compared to $2.15b recorded in the corresponding period of 2011.

“Travel and transportation receipts recorded most of the increase. The improvement in travel receipts was largely attributed to an increase in number of tourist arrivals,” the BoT said.

Provisional statistics show the number of tourist arrivals went up to 860,718 compared to 834,801 recorded during the year ending June 2011.

The good performance in transportation receipts was mainly on account of an increase in the volume of transit goods associated with improved port efficiency and road infrastructure.

During the review period the volume of transit goods increased to 1,000,954 tons compared to 852,470 tons transported during the year ending June 2011.

As export increased during the year ending June 2012, the value of import of goods and services was $12.96b, or 29.6% higher than the level recorded in the corresponding period in 2011.

“The increase was largely driven by a rise in oil prices in the world market coupled with an increase in domestic demand for oil for thermal power generation,” it said.

 

 

 

Source: http://allafrica.com