Manufacturing exports overtake gold, says BoT

Tanzania’s value of exports has increased by 9.2 per cent as manufacturing and tourism improved in the year ending October 2015, according to the Bank of Tanzania (BoT).

The manufacturing sector has overtak­en gold in generating foreign exchange earnings.

While Tanzania mainland continues to record a decline in exports, Zanzibar’s have continued to grow.

>The export value of Zanzibar’s main crop, cloves, declined from $59 million (Sh118 billion) to $33 million (Sh66 billion) between February 15 last year and February 15 this year, according to a Bank of Tanzania report of March this year. Under the report, the decline in clove export value is at 44.8 per cent in one year, which is attributed by the fall in its output from 53,000 tonnes to 22,000 tonnes.

>The value of Tanzanian gold exports continued to decline as tourism earnings exceeded the $2 billion mark in the year ending January 2015.

 Exports declined by 1.4 per cent in the year ending February this year, the Bank of Tanzania (BoT) has said.

Tanzania is still exporting huge cargo of unprocessed gold to Japan as East Africa’s second largest economy still lacks the technology to refine its reddish yellow metal locally.

Revenue gained from gold sales last year has nose-dived by 14.8 per cent from $2,232.3 million in 2011/12 to $1,901.2 million at the end of December last year, shows the economic report for the Lake Zone.

Acting (STAMICO) Managing Director Engineer Edwin Ngonyani Left and Director Of Finance and Corporate Affairs Mr Peter Gembe. BY STAFF REPORTER PRODUCTION of gold at the Buckreef Gold Mine in Geita Region in which the State Mining Corporation (Stamico) has 45 per cent stake is expected to kick-start in November this year, it has been learned. Stamico signed an agreement for development of the project in the year 2011 with...