Coffee and cashew nut have boosted value
of traditional exports in the year ended May 2015, as other crops
declined, the Central Bank has said.
The Bank of Tanzania (BoT) said its
latest monthly economic report that traditional exports amounted to
906.5 million US dollars up from 843.2 million US dollar in the
preceding year.
The improvement was driven by an increase in export value of coffee and cashew nut, as most of the other crops declined.
According to the report, cashew nut
exports reached 252.7 million US dollars up from 133.4 million US
dollars in the year before, while coffee exports amounted to 149.2
million US dollars up from 129.7 million US dollars of the preceding
year.
According to the report, export value of
cashew nut improved significantly owing to an increase in export volume
and price. The increase in coffee export value was driven by price as
export volume declined, the report said.
Global prices for coffee have raised due
to declining output from major suppliers particularly Brazil, the
source of one-third of the world’s coffee and about half of the world’s
Arabica beans.
Reports from coffee global market say
drought in Brazil at beginning of crop year has led in global supply
deficit and resultant price increase which have nearly doubled this
year.
Tobacco exports slightly increased to
360.0 million US dollars from 359.9 million US dollars of the year
ending May 2014. Other traditional exports crops such as cotton, tea,
cloves and sisal declined in export value, the report shows.
The value of non-traditional exports
amounted to 4,112.6 million US dollars, an increase of 9.6 per cent from
corresponding period in 2014.
All the non-traditional exports
improved, except gold and horticultural products. Earnings from gold,
the other main source of foreign income, fell to 1.44 billion US dollars
from 1.51 billion US dollars a year ago, reflecting another decline in
prices and lower export volumes.
Source: Daily News, reported from Dar es Salaam, Tanzania
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