TANZANIA’S external sector has shown remarkable improvement, driven by strong export growth and slowed import costs, as the global economy continues its recovery.
The Bank of Tanzania (BoT) latest monthly economic review for August shows that the favourable global commodity prices have played a key role in boosting the country’s trade balance, signalling a positive outlook for economic growth.
Thus, the current account deficit narrowed to 2.56 billion US dollars in the period ending August from 3.84 billion US dollars in the corresponding period last year.
The exports of goods and services surged to 15.06 billion US dollars in the year ending August up from 13.29 billion US dollars in the same period last year.
“The growth was largely driven by higher service receipts, particularly from tourism, increased exports of gold and traditional goods including tobacco, cashew nuts and horticultural products,” Bank report stated.
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Traditional exports amounted to 1.09 billion US dollars during the year ending August higher than 807.9 million US dollars in the previous year.
Much of the increase was recorded in the exports of tobacco and cashew nuts, on account of both volume and price effects.
Non-traditional exports were 6.56 billion US dollars compared with 6.34 billion US dollars with the increase largely driven by gold exports which rose by 8.2 per cent from a similar period in the preceding year to 3.18 billion US dollars largely explained by volume and price effects.
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Horticultural products increased by 35.3 per cent to 454.4 million US dollars backed by higher shipments of edible vegetables.
On a monthly basis, exports of goods amounted to 934.3 million US dollars in August compared to 785.3 million US dollars in August last year.
Service receipts surged to 6.94 billion US dollars in the year ending August from 5.71 billion US dollars in the previous year, largely driven by travel (tourism) and transport services.
The increase in travel receipts reflects the sustained good performance of the tourism sector, with tourist arrivals increasing by 21.7 per cent to 2,051,404.
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Transport earnings, primarily freight charges, amounted to 2.59 billion US dollars up from 2.18 billion US dollars. On a monthly basis, service receipts were 663.2 million US dollars in August this year compared with 694 million US dollars in August last year.
Looking ahead, the BoT remains optimistic about maintaining this growth trajectory, emphasising the importance of diversifying export products and expanding into new markets.
By capitalising on the positive trends in the global economy, Tanzania aims to bolster its external sector further, ensuring sustained economic resilience and development for its citizens.
Source: allafrica.com
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Tanzania: Samia Hands Over NBC’s 354m/ – Crop Insurance Compensation to Farmers Affected By Hailstorms
President Samia Suluhu Hassan, has handed over a cheque of 354m/- from the National Bank of Commerce (NBC) as compensation to tobacco farmers, who were affected by hailstorms during the previous farming season in various regions across the country.
Handing over the cheque in Dodoma, the compensation is part of the crop insurance service provided by NBC in collaboration with the National Insurance Corporation (NIC).
Furthermore, President Samia has also handed over health insurance coverage to members of the Lindi Mwambao Cooperative Union based in Lindi Region, through the Farmers’ Health Insurance service provided by the bank in partnership with Assurance Insurance Company.
While visiting the bank’s pavilion at the Nanenane Agricultural Exhibition and being received and briefed by the bank’s Managing Director, Mr. Theobald Sabi, she said: “This crop insurance is one of the crucial solutions in ensuring farmers have a reliable income, without fear of challenges such as natural disasters, including hailstorms.
“I call upon all farmers in the country to make the best use of this important opportunity by accessing these kinds of insurance services. I also highly commend NBC and all the stakeholders participating in this programme.”
Elaborating further on the crop insurance service, the Minister of Agriculture, Hussein Bashe, stated that it will help to recover the loss farmers incurred, especially in various calamities beyond their control.
Citing them as floods, fires, and hailstorms, which have significantly affected the well-being of farmers and caused some to be reluctant to invest in the crucial sector, Mr Bashe added: “However, our President, this step by NBC is just the beginning, as this is the second year since they started offering this service, and the results are already visible.
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“As the government, we promise to continue supporting the wider implementation of this service, with the goal of ensuring that this crop insurance service reaches more farmers.”
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On his part, Mr Sabi said that the farmers who benefited from the compensations are from 23 primary cooperative unions in the regions of Shinyanga, Geita, Tabora, Mbeya, Katavi, and Kigoma.
He added: “In addition to these insurance services, as a bank, through this exhibition, we have continued with our programme of providing financial education and various banking opportunities to farmers, alongside offering them various loans, including loans for agricultural equipment, particularly tractors, to eligible farmers.:
At the NBC booth, President Samia also had the opportunity to be briefed on the various services offered by the bank to the farmers namely crop insurance and health insurance services.
There, the President had the chance to speak with some of the beneficiaries of the services, including the Vice-Chairman of the Lindi Mwambao Primary Cooperative Union, Mr. Hassan Mnumbe, whose union has been provided with a health insurance card from the bank.
Source: allafrica.com
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