Tanzania: Tourism, Export Sectors Upsurge Boost Earnings

TANZANIA: Tanzania has seen notable uptick of tourism and export sectors in the year ending July, significantly contributing to sustained economic growth.

The Bank of Tanzania (BoT) latest economic monthly review for July shows that the increase of tourists not only boosts revenue for local businesses but also contributes to the national economy, enhancing foreign exchange earnings.

“The rise in travel receipts arises from the recovery observed in the tourism industry, reflected by the increase of tourist arrivals by 22 per cent to 2,026, 378,” states the central bank report.

ALSO READ: Tanzanians urged to promote local tourism

According to the BoT report, travel receipts increased by 531.8 million US dollars to 3.53 billion US dollars.

Overall, during the period under review, services receipts increased 6.70 billion US dollars from 5.54 billion US dollars in the corresponding period last year with much of it emanating from travel and transport services.

Meanwhile, transport earnings, predominantly from freight charges, increased to 2.60 billion US dollars compared to 2.09 billion US dollars in the corresponding period last year supported by increased trade relations with neighbouring landlocked countries.

Month-on- month, services receipts amounted to 503.1 million US dollars in July, compared to 594.8 million US dollars in the similar period last year.

According to the report, exports of goods and services reached 14.67 billion US dollars up from 13.03 billion US dollars during the same period last year.

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