In December 2020, Tanzania’s travel earnings fell by 59.2% to $1.06 billion, resulting in a fall of $849.3 million in total earnings from exports of goods and services.
“the number of international tourist arrivals declined to 616,491 from 1,527,230 in the year ending December 2019.” according to the Bank of Tanzania’s (BoT) monthly economic analysis for January.
According to data from the Ministry of Natural Resources and Tourism, tourism was Tanzania’s leading source of forex before the global pandemic, receiving $2.5 billion in 2019.
In December 2020, the value of conventional exports fell to $8.8 billion, from $9.65 billion in December 2019. The central bank attributed the decrease to the decrease in export values due to low coffee and cotton production and decreased tea and sisal volumes and prices.
On a month-by-month basis, https://bestbetting.co.tz/ the volume of exports of conventional products decreased from $153 million in the same month in 2019 to $135.5 million in December 2020.
This was primarily due to the low exports of cashewnuts, tobacco, and sisal for most cash crops consistent with the export season.
Exports that are non-traditional
The value of non-traditional exports grew from $4.16 billion in 2019, mainly due to good output in horticultural products, industrial goods and all minerals except diamonds, by $1.12 billion to $5.29 billion in 2020.
Gold exports rose by 33.5 percent to $2.95 billion in the same period and accounted for 55.9 percent of non-traditional exports, following a volume and price rise.
Month-on-month, the export volume of non-traditional goods grew from $447.8 million in the same month in 2019 to $457 million in December 2020. The rise was largely explained by the rise in mineral exports.
Last year, the goods and services import bill decreased from $10.36 billion recorded in the previous year to $8.9 billion.
“This is largely driven by a decrease in imports of capital and intermediate goods. Much of the decrease was recorded in transport equipment and oil,” says the BoT report.