Tourism, Export Sectors Upsurge Boost Earnings
Tourism and export sectors contributed significantly to sustained economic growth in Tanzania in the year ending July.
In its latest economic monthly review for July, the Bank of Tanzania (BoT) shows that the increasing number of tourists benefits local businesses as well as the national economy, increasing foreign exchange earnings.
“Travel receipts have increased as a result of an improvement in the tourism industry, as evidenced by an increase in tourist arrivals by 22 percent to 2,026,378,” states the central bank.
As reported in the BOT report, travel receipts increased by 531.8 million US dollars to 3.53 billion US dollars.
Overall, services receipts increased 6.70 billion US dollars during the period under review from 5.54 billion US dollars last year, with travel and transport services accounting for the majority.
The transport earnings, primarily from freight charges, increased to 2.60 billion US dollars from 2.09 billion US dollars in the corresponding period last year, due to increased trade relations with neighbouring landlocked countries.
Services receipts increased from 594.8 million US dollars in July last year to 503.1 million US dollars in July this year.
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During the same period last year, exports of goods and services reached 13.03 billion US dollars, up from 14.67 billion US dollars this year.
It was largely driven by higher service receipts, particularly tourism, as well as exports of gold, tobacco, cashew nuts, and horticultural products, according to the BoT.
In contrast to previous years, traditional exports reached 1.07 billion US dollars, with tobacco and cashew nuts showing notable growth.
Non-traditional exports amounted to 6.45 billion US dollars in 2014, an increase from 6.29 billion US dollars in 2013.
The increase was largely driven by gold exports, which totaled 3.14 billion US dollars, or 48.8% of all non-traditional exports.
As a result, horticultural exports nearly doubled from 296.5 million US dollars in the previous year to 437 million US dollars.
Exports of goods increased by 858.3 million US dollars in July, compared with 760.7 million US dollars a year earlier.
