Tanzania is rich with resources and one of these is gold. Gold was once Tanzania’s largest foreign exchange, it however has sustained a fall in the value of income from its exports due to instabilities in the world market. In the face of decline of one major export, it is inevitable that another product takes its place at the top. For Tanzania the commodity that is slowly rising up as the gold income falls is tourism.
The value of gold exports reached above US$2.08 billion in the year ending October 2012, but the shipment decelerated to US$1.75 billion in 2013 and stood at US$1.35 billion in the year to October 2014, according to Bank of Tanzania (BoT).
By the end of 2014, gold was the second largest foreign exchange earner for Tanzania right after tourism, which has been steadily growing in income and market over the past few years.
According to BoTs November monthly reviews, Tanzania tourism brought in US$1.96 billion in the year to October 2014, an increase from US$1.79 billion in the same period in 2013 and US$1.62 billion in 2012.
According to the statement from BoT Gold which has been dominant in the non-traditional export from Tanzania recorded a decline following a decrease in both volume and price. It has been trading below the 2013’s close of above US$1,200 per ounce in the world market and the trend has affected its income in Tanzania.
The total value of Tanzania’s exports of goods and services was US$8.6 billion, being 3.3 per cent higher compared with the amount that was recorded in the corresponding period in 2013. The development was attributed to good performance in exports of manufactured goods, fish and fish products as well as increase in travel and transport receipts.
Export of manufactured goods increased by 35.5 per cent to US$1.37 billion with a notable increase recorded in edible oil, textile apparels, plastic goods, fertilizers and paper products.
During the period, the value of traditional exports was US$768.2 million compared with US$841.7 million recorded in the year ending October 2013.
Tanzania tourism has been steadily growing over the past years. Tanzania safaris are on high demand from tourists looking to experience Africa. The country has several sights, sounds and activities to offer by way of tourism. There are numerous parks rich with wildlife such as chimpanzees, lions, leopards, elephants, buffaloes, there also amazing birding opportunities for the avid bird watcher, you can enjoy mountain climbing on the slopes of the famous Mt Kilimanjaro, just relax on the sandy beaches on the shores of the Indian ocean. History is also a part of tourism in Tanzania, so are the people and their cultures. It is no wonder, this industry is now bringing in more revenue for Tanzania than gold.