Friday Oct 31, 2014
| Text Size
[-]
[+]
Search IPPmedia

BoT: Improved Dar port services attract Zimbabwe

22nd May 2012
Print
Comments

The improved services at Dar es Salaam Port have attracted more hinterland African countries to use the facility, the Bank of Tanzania (BoT) has said in its March Monthly Economic Review.

The review posted on the bank’s website, said the Zimbabwe government, which largely depends on South Africa and Mozambican ports, has now started using Dar es Salaam port for its imports and exports.

This means that a good number of goods destined to Zimbabwe will pass through the port, hence increase revenue to the Tanzanian government.

Apart from Zimbabwe, other African countries which use Dar es Salaam port are Zambia, Malawi and Democratic Republic of Congo, Mozambique, Rwanda, Burundi and Uganda.

“Good performance in transportation receipts was mainly on account of the increase in volume of transit goods due to improved port efficiency and road infrastructure to the neighbouring countries,” the review said.

It also said during the year ending February 2012, the average world market prices of major commodities went up save for tea.

The rise in prices of coffee was largely attributed to the decline in coffee production following unfavourable weather condition in Columbia coupled with the rise in demand for coffee in emerging markets such as China and India.

Meanwhile, the review said the price of cotton rose largely due to strong demand for the produce in China. The price of cloves also went up following a strong demand for the crop coupled with low cloves production in Indonesia following an outbreak of a clove disease.

There was also a decline in export value of tobacco owing to a decrease in export unit price, the review added.

On the other hand, it said export value of cloves increased significantly following a surge in the price of cloves in the world market.

During the period under review, the unit price of cloves increased to USD13, 097.8 per tonne compared to an average unit price of USD3, 572.7 per tonne following the supply shocks in the world market.

The BoT report said the value of non-traditional exports was USD3, 850.8m, compared to USD3, 358.7m recorded during the year to February 2011, largely attributed to a rise in gold price in the world market and the export volume.

The price of gold went up by 28.1 percent to USD1, 623.7m and the export volume increased to 40.2 tonnes from 36.4 tonnes. Gold and manufactured goods account for over 80 percent of Tanzania’s exports.

During the period under review, the prices of crude oil and white petroleum products increased mainly due to supply concerns in Iran following the EU embargo on its exports.

The price of gold rose by 5.4 percent to USD1, 742 per troy ounce as investors continue to perceive gold to be a safe investment.

The average prices of crude oil and white petroleum products increased during the year ending February 2012, following a decline in oil inventories in the United States and the political instability in the Middle East countries.

SOURCE: THE GUARDIAN
0 Comments | Be the first to comment