In Summary
  • The country earned $1.973 billion (about Sh3.255 trillion) during the year to June 2014, up from $1.757 billion (about Sh2.899 trillion) during the year to June 2013

Dar es Salaam. Earnings from tourism went up by 12.28 per cent during the year to June 2014 as the travel sector cements its position as the most important industry in Tanzania’s economy.

The country earned $1.973 billion (about Sh3.255 trillion) during the year to June 2014, up from $1.757 billion (about Sh2.899 trillion) during the year to June 2013, according to latest Bank of Tanzania (BoT) figures.

The increase, according to the BoT was mainly driven by the increase in travel and transportation receipts.

Gold, which used to be Tanzania’s Number One foreign exchange earner, brought in $1.658 billion (about Sh2.737 trillion) during the year ending June 2014, a 14.45 per cent drop from earnings worth $1.898 billion (about Sh3.13 trillion) registered during the year to June 2013.

The drop is mainly attributed to a fall in gold prices, a situation that also reduced the dominance of the precious metal to Tanzania’s total non-traditional exports.

“Gold does still dominate non-traditional exports although at a smaller share of 41.0 per cent,” reads a statement in the BoT’s Monthly Economic Review for July 2014 which covers the year ending June 2014.

During the year ending June 2013, gold accounted for 49.0 per cent of total non-traditional exports from Tanzania.

In Asian markets yesterday, gold traded at $1,311.32 an ounce compared to $1,307.33 an ounce late Wednesday.

It is however hoped that tourism and gold will remain Tanzania’s leading economic sectors until the country starts developing and tapping the benefits of recent natural gas finds.