Tanzania’s total earning from gold export grew 23.7 per cent in November, thanks to improved price at the World market.
In the past two years earnings from tourism surpassed gold to become Tanzania’s leading foreign exchange earner as the latter’s volume of production and prices plunged.
But latest Bank of Tanzania report reveals that earnings from gold has started to improve with the country earning $1.45 billion in November up from $1.17 billion a year ago.
BoT says that the increase in earning follows a recovery in price in the world market and increase in volume.
“Notably, gold price in the world market recovered by 6.1 percent to $1.24 billion in November 2016 from the corresponding period in 2015,” says the report.
On the other hand, the value of export of manufactured goods dropped by 15.6 percent to $1.14 billion.
Services receipts amounted to $3.68 billion compared with $3.52 billion recorded in the year ending November 2015, primarily driven by increase in travel and transportation receipts
Travel receipts rose by 10.3 per cent to $2.22 billion as a result of an increased number of tourist arrivals, while transport receipts improved by 3.9 percent to $1.05 million due to increased transit goods to and from neighboring countries.