Tanzania’s exports of goods and services increased to 11,940 million US dollars during the period to November last year from 9,733 million US dollars in the previous year driven by non-traditional goods exports and services receipts.
Meanwhile, the overall balance of payments was a deficit of 1,940.4 million US dollars compared to a surplus of 1,953.4 million US dollars in the previous year driven by higher payments abroad.
According to the Bank of Tanzania (BoT) monthly economic review for December, the exports of goods increased by 7.5 per cent to 7,241.4 million US dollars with non-traditional exports rising by 5.7 per cent emanating from exports of coal, diamonds, iron and steel, textiles, fish products and fertilisers.
During the period, coal worth 141.6 million US dollars was exported in the period ending November last year, higher than 13.2 million US dollars in the corresponding period in 2021, largely explained by rising demand for an alternative source of energy following the short supply of crude oil and natural gas amid the war in Ukraine.
Most of the coal was destined for neighbouring countries, including Kenya, the Democratic Republic of Congo (DRC), Rwanda and Uganda, and other countries including Poland, Hong Kong, India and Senegal.
Good performance was also recorded in exports of diamonds, which increased to 63.1 million US dollars from 8.4 million US dollars in the year to November 2021. The increase was explained by the resumption of production at Williamson Mines following a period of closure for maintenance.
During the period under review, gold exports which accounted for 46.5 per cent of goods exports also recorded a slight increase to 2,826.3 million US dollars from 2,816.5 million US dollars on account of volume effect.
Regarding traditional goods, exports increased to 760.9 million US dollars from 628.8 million US dollars supported by the rise in exports of cotton, cashew nuts, sisal and tobacco.
While the increase in value of cashew nuts and tobacco was owing to the volume effect of cotton due to a rise in price in the global market. As for sisal, the increase was on account of both volume and price effects.
On monthly basis, traditional exports rose to 126.5 million US dollars from 108.2 million US dollars in November 2021 while non-traditional exports were 488.4 million US dollars broadly unchanged from 486.3 million US dollars in November 2021.
Services receipts amounted to 4,698.6 million US dollars in the year to November higher than 2,997.2 million US dollars in 2021 explained by higher travel and transport receipts.
Travel receipts almost doubled to USD 2,446.8 million from USD 1,250.7 million, consistent with the rise in the number of tourist arrivals by 53.4 per cent to 1,412,060.
On monthly basis, services receipts were USD 414.6 million, higher than USD 327.4 million in November 2021.
According to the BoT monthly economic review for December, the external sector of the economy continued to endure challenges of commodity prices, tight financial conditions, high inflation among trading partners and supply-chain disruptions caused by the resurgence of Covid-19 and war in Ukraine.
The current account balance recorded a deficit of 5,116.1 million US dollars in the period ending November last year wider than 2,185 million US dollars in the preceding year due to high import bills.
Source: allafrica.com
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Tanzania: Exim to Raise Fund for Mental Health Facilities Upgrades
EXIM Bank to raise 300m/- over the next three years for financing essential services and infrastructure upgrades in mental health facilities.
The bank’s Head of Marketing and Communications Stanley Kafu unveiled this when introducing Exim Bima Festival 2024 as a platform for bringing together individuals, organisations and various sectors for raising the funds.
“Exim’s initiative aligns with the government’s broader goals to ensure that every citizen has access to quality healthcare, including mental health services,” he said.
The initiative, which is one of the events for celebrating the bank’s 27th anniversary is scheduled for Wednesday this week in Dar es Salaam.
Mr Kafu highlights that this year’s festival is not only about raising awareness of the importance of insurance in the society but also focuses on enhancing access to mental health services and improving the overall well-being of the nation.
Statistics from the Ministry of Health shows a staggering 82 per cent increase in mental health cases over the past decade.
Mental cases have risen from 386,358 in 2012 to 2,102,726 in 2021, making the need for mental health services more urgent than ever.
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Unfortunately, the country’s ability to address this growing challenge is hindered by a shortage of mental health professionals, infrastructure, medical equipment and essential medication.
For example, out of the 28 regions in the country, only five have facilities that provide adequate mental health services.
The most affected group is the youth aged 15 to 39, who represent the nation’s workforce, underscoring the need for intensified efforts to safeguard this generation for Tanzania’s future well-being and development.
Mr Kafu said by improving mental health services, Exim aims to contribute to the creation of a network of communities that can access care quickly and affordably.
Exim Insurance Department Manager Tike Mwakyoma said they are appreciating the support from partners in the insurance industry, who have stood by them since the last festival.
“Let’s continue this unity for the development of all Tanzanians and our nation as a whole,” the manager said.
Source: allafrica.com
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