Tanzania’s exports decline by 11% due to tumble in tourism arrivals

 Tanzania’s exports decline by 11% due to tumble in tourism arrivals

Tanzania’s exports decline by 11% due to tumble in tourism arrivals.

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The Bank of Tanzania (BOT) Monthly Economic Review – June 2021 indicates that during the year ending May 2021, the value of exports of goods and services declined by -11% during the same period in 2020, largely attributed to a decrease in travel receipts.

 During the year ending May 2021, the value of exports of goods and services amounted to USD 8,500.0 million compared to USD 9,554.6 million in 2020.

However, BOT stresses that exports performed satisfactory despite a decline. Value of Tanzania Exports YE April 2021 The value of goods exported increased by 6.6% to USD 6,233.6 million, owing to good performance of non-traditional exports.

Value of Tanzania Non-Traditional Exports YE May 2021 during the period, the value of non-traditional exports rose to USD 5,364.0 million from USD 4,530.5 million, with significant increase registered in exports of gold, manufactured goods and horticultural products.

Gold exports, which accounted for 56.4% of total non-traditional exports, increased by USD 505.3 million to USD 3,027.4 million. This was fostered by supportive prices in the world market and ongoing Government initiatives to manage the mining sector.

On a month-to-month basis, export value of non-traditional exports fell to USD 468.7 million from USD 504.3 million in May 2020, following low exports of mineral concentrates.

 Value of Tanzania Traditional Exports YE May 2021 During the year ending May 2021, the value of traditional exports declined to USD 577.4 million from USD 998.9 million in the corresponding period in 2020, owing to lower export values of all cash crops except coffee and sisal.

Meanwhile mortgage market in Tanzania registered a 1% growth in the value of mortgage loans as of 31st March 2021 compared to the previous quarter ending on 31st December 2020.

 This was indicated in the Tanzania Mortgage Market Update – 31 March 2021 recently released by the Bank of Tanzania (BOT) and the Tanzania Mortgage Refinance Company (TMRC).

Tanzania Mortgage Market Growth The mortgage market in Tanzania registered a 1% growth in the value of mortgage loans as of 31 March 2021 compared to the previous quarter which ended on 31st December 2020.

The total mortgage debt outstanding that resulted from lending by the banking sector for the purposes of residential housing was TZS 468.25 billion equivalent to USD 202.71 million.

 The Tanzanian housing demand (which is estimated at 200,000 houses annually and a total housing shortage of 3 million houses as per NHC report) has been boosted by easy access to mortgages, with the number of mortgage lenders in the market increasing from 3 in 2009 to 32 by 31 March 2021, and the average mortgage interest rate falling from 22% to 15%.

Tafadzwa William Mutsika

Tafadzwa Mutsika is an award-winning print, broadcast, and online journalist with more than 10 years of experience in the field. Tafadzwa has experience in financial reporting and Public relations since 2010. He is also a part-time lecturer in journalism and media studies. Possess excellent communication and presentation skills. Areas of Interest: Mining, energy, tax law, insurance, and corporate governance. Hobbies include -painting and sculpture.

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