Tanzania's export and import performance in August 2024 demonstrates robust growth in exports, particularly in traditional and non-traditional goods, driven by increased global demand. While imports also rose, reflecting strong economic activity and ongoing demand for capital and intermediate goods, the trade balance shows a deficit, underscoring the challenges of managing external trade flows. Overall, these trends highlight the need for continued focus on enhancing export competitiveness while managing the import bill to ensure sustainable economic growth.

1. Export Performance:

• Total Exports: Tanzania's exports of goods and services surged to USD 15,064.6 million in the year ending August 2024, up from USD 13,290.1 million in the same period of the previous year, representing an increase of approximately 13.4%​.
• Breakdown of Exports:
  • Traditional Exports: These increased to USD 1,099.9 million, up from USD 807.9 million in the previous year. The increase was largely attributed to higher exports of:
    • Tobacco and cashew nuts, driven by both volume and price improvements.
  • Non-Traditional Exports: Amounted to USD 6,568.3 million, compared to USD 6,349.8 million previously, largely driven by:
    • Gold exports: Increased by 8.2% to USD 3,189.4 million, reflecting strong global demand and favorable prices.
    • Horticultural products: Saw a significant rise of 35.3%, reaching USD 454.4 million, driven by increased shipments of edible vegetables​.
• Monthly Export Figures: In August 2024, exports of goods totaled USD 934.3 million, compared to USD 785.3 million in August 2023, showing growth year-on-year​.

2. Import Performance:

• Total Imports: Imports increased to USD 16,427.5 million for the year ending August 2024, up from USD 16,327.7 million the previous year, indicating a slight increase of about 0.6%​.
• Breakdown of Imports:
  • Capital Goods: Imports of capital goods rose to USD 2,912.4 million, a marginal increase from the previous year, with significant purchases of machinery and transport equipment.
  • Intermediate Goods: These accounted for USD 9,860.0 million, with notable increases in:
    • Fuel and lubricants: Totaled USD 3,090.1 million, highlighting the ongoing demand for energy imports.
    • Iron and steel: Imports of these materials surged, reflecting ongoing infrastructure projects and construction activities​.
• Monthly Import Figures: In August 2024, goods imports amounted to USD 1,468.3 million, compared to USD 1,163.9 million in August 2023, indicating robust import activity​.

3. Trade Balance:

• The trade balance (the difference between exports and imports) indicates a current account deficit:
  • Goods Account: Reported a deficit of USD 534.0 million in August 2024, with exports of USD 934.3 million and imports of USD 1,468.3 million​.