Tanzania: The volume of gold export by nation to the world market increase by 69 per cent

Business and Economic News By Leo Odera Omolo

News emerging from Dar Es Salaam says the volume of gold exports from Tanzania went up by 69.2 per cent to USD 7,480.7 million, following a rise in the export volume, as well as gold price in the world market.

According to the Bank of Tanzania {BOT} the export volume of gold increased to 34.4 tones compared with 29.8 tones recorded in the preceding year, partly on account of commencement of export by the Burwagi Gold Mine in June 2009 while the prices of gold increased to ISD 1,135 per troy ounce compared with USD 1, 35.1 per troy ounce recorded during the year ending August 2009.

During the year ending in August 2010, the dollar value of export of goods and services increased by 23.8 per cent to USD 5,379.8 million, compared with the level recorded in the corresponding period a year earlier.

“This improvement was largely due to a surge in export of gold, travel and manufactured goods,” says the BOT in its report/, largely due to increase in gold exports.

The value of exports of goods rose to USD3,396.3 million at the year ending August 2010 compared with USD 2,536.6 million recorded in the corresponding period a year largely due to increase in gold exports.

In August 2010, traditional exports stood at USD 34.5 million compared with USD 24.4 million recorded in the proceeding month.

However, the BOT reports says that on the annual basis, traditional exports dropped by 2.6 per cent to USD 473.9 million following decline in the export volumes of coffee, cotton, cashew nuts and clove.

Likewise, the reports adds, “there was a decline in the export unit prices of cotton, siosal and cloves while tobacco export increase by 36.1 to USD 194.6 million during the year ending in August 2010 owing to significant increase in price.

Non-traditional export stood at USD 285.2 million an 18 per cent increase on the July figures.

However, on annual basis non-traditional exports rose to USD 2,922.4 compared with USD 2,049/7 million recorded in similar period a year earlier, largely due to a huge increase in the export volume of gold and manufactured goods.

In the same category, the volume of manufactured goods rose by 30.5 per cent to USD 705 million.

For the year ending August 2010, Tanzania recorded a deficit of USD 49.5 million compared with last year’s USD 716.9 million. “This explained by widening of the correct account deficit by 22/3 per cent to USD 2,691 million following a decline in official current transfers, “the BOT report said.


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