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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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“The increase was largely driven by higher service receipts, particularly from tourism and increased exports of gold, traditional goods such as tobacco, cashew nuts, and horticultural products,” BoT said.
Traditional exports reached 1.07 billion US dollars compared to 782.5 million US dollars in the previous year, with notable growth in tobacco and cashew nuts.
According to the report, non-traditional exports amounted to 6.45 billion US dollars up from 6.29 billion US dollars last year.
The rise was largely driven by gold exports, totalling 3.14 billion US dollars representing 48.8 per cent of total non-traditional exports.
Additionally, horticultural exports nearly doubled to 437 million US dollars compared to 296.5 million US dollars in the previous year, driven by increased shipments of vegetables.
On a monthly basis, exports of goods increased to 858.3 million US dollars in July compared to 760.7 million US dollars in July last year.
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