Tanzania’s Earning from Gold Starts to Improve

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.

Leave a Reply

Your email address will not be published. Required fields are marked *