The amount was more than double of the amount earned from exports of gold, or combined exports earnings from traditional exports, horticultural products and other minerals.
This shows an ongoing expansion of industrialization drive, which the government embarked on transforming the economy to semi-industrialized status by 2025.
According to the proposed 2023/24 development plan, the government is targeting to achieve high middle income status by 2050, as it is expected to formulate the new National Development Vision 2050.
The report shows banks have also increased their lending to the sector, as computations show credit grew by 31 percent during the year ending October from growth of 4 percent in the year ended in October 2021.
Lending to manufacturing, accounts for 10.5 percent of the amount banks have extended to the private sector activities.
The share of external borrowing for industries also increased to 5.1 percent of total borrowing or US$1.2 billion during the year ending October this year from 3.5 percent or US$0.9 billion recorded in October 2021.
During the period, exports earning from gold amounted US$2.8 billion (nearly 4.2trn/-), while those from the traditional exports amounted US$0.7 billion (nearly 1.6trn/-).
This is being recorded when the external sector of the economy continued to face global challenges originating from supply side, particularly disruption of supply-chain attributable to the war in Ukraine, erratic lockdowns in some trading partners to contain COVID-19 variants, and climate-related constraints.
“Supply shocks sustain high commodity prices in the world market, rising inflation and subsequent tightened financial conditions in the wake of monetary policy tightening by central banks,” says the Bank of Tanzania report.
BoT reports that exports of goods and services amounted to US$11,831.2 million during the year to October 2022, up from US$9,608.9 million in the similar period in 2021, largely driven by non-traditional goods and services receipts that accounted for 51.4 percent and 39 percent of total exports, respectively.
The growth in non-traditional goods exports was largely on account of improved export performance of textiles, iron and steel, diamond, fish products and fertilizers.
Exports of diamond increased significantly to US$58.6 million from US$3.8 million recorded in the corresponding period in 2021, explained by resumption of production at Williamson Mines following a care and maintenance period.
Meanwhile, gold exports, which accounted for 39 percent of goods exports slightly fell to US$2,817.7 million, from US$2,842.3 million in the previous year associated with decrease in world market prices.
Traditional goods worth US$742.7 million were exported during the year to October 2022, higher than USD 672.7 million in the corresponding period in 2021.
This performance was supported by the increase in exports of cashew nuts, tobacco, cotton and sisal.
On monthly basis, traditional exports fell to US$64.5 million in October 2022 from US$71.3 million in October 2021, while non-traditional exports were US$552 million, slightly higher than US$519.5 million in October 2021.
This shows an ongoing expansion of industrialization drive, which the government embarked on transforming the economy to semi-industrialized status by 2025.
According to the proposed 2023/24 development plan, the government is targeting to achieve high middle income status by 2050, as it is expected to formulate the new National Development Vision 2050.
The report shows banks have also increased their lending to the sector, as computations show credit grew by 31 percent during the year ending October from growth of 4 percent in the year ended in October 2021.
Lending to manufacturing, accounts for 10.5 percent of the amount banks have extended to the private sector activities.
The share of external borrowing for industries also increased to 5.1 percent of total borrowing or US$1.2 billion during the year ending October this year from 3.5 percent or US$0.9 billion recorded in October 2021.
During the period, exports earning from gold amounted US$2.8 billion (nearly 4.2trn/-), while those from the traditional exports amounted US$0.7 billion (nearly 1.6trn/-).
This is being recorded when the external sector of the economy continued to face global challenges originating from supply side, particularly disruption of supply-chain attributable to the war in Ukraine, erratic lockdowns in some trading partners to contain COVID-19 variants, and climate-related constraints.
“Supply shocks sustain high commodity prices in the world market, rising inflation and subsequent tightened financial conditions in the wake of monetary policy tightening by central banks,” says the Bank of Tanzania report.
BoT reports that exports of goods and services amounted to US$11,831.2 million during the year to October 2022, up from US$9,608.9 million in the similar period in 2021, largely driven by non-traditional goods and services receipts that accounted for 51.4 percent and 39 percent of total exports, respectively.
The growth in non-traditional goods exports was largely on account of improved export performance of textiles, iron and steel, diamond, fish products and fertilizers.
Exports of diamond increased significantly to US$58.6 million from US$3.8 million recorded in the corresponding period in 2021, explained by resumption of production at Williamson Mines following a care and maintenance period.
Meanwhile, gold exports, which accounted for 39 percent of goods exports slightly fell to US$2,817.7 million, from US$2,842.3 million in the previous year associated with decrease in world market prices.
Traditional goods worth US$742.7 million were exported during the year to October 2022, higher than USD 672.7 million in the corresponding period in 2021.
This performance was supported by the increase in exports of cashew nuts, tobacco, cotton and sisal.
On monthly basis, traditional exports fell to US$64.5 million in October 2022 from US$71.3 million in October 2021, while non-traditional exports were US$552 million, slightly higher than US$519.5 million in October 2021.
