Value of gold produced by large scale miners drops to $459.4m

29Nov 2021
Geoffrey Nangai
Dar es Salaam
The Guardian
Value of gold produced by large scale miners drops to $459.4m

THE value of gold produced by large-scale miners slightly decreased to $459.4 million (1.1trn/-) in quarter III, 2021 from $529 million (1.3trn/-) that was reported during the same period last year.

According to the Bank of Tanzania (BoT) Economic Bulletin for Quarter III, 2021, the slowdown in the value of gold was attributed to both volume and price effects due to the negative effects of COVID-19.

Traditional exports value on the other hand increased to $173.2 million (over 575trn/-) from $69.8 million (approximately 230bn/-) supported by exports of tobacco, cloves and cotton.

The value of imported goods also rose by 21.1% during quarter III, 2021 as compared to the similar period in 2020.

“The value of all categories of imported goods increased, with much of the increase registered in oil, owing to a rise in the world market,” the report said.

According to the report, the services account recorded a surplus of $333.9 million (over 1.trn/-) in quarter III, 2021, more than twice the amount reported during a similar quarter in 2020 largely because of rising travel receipts.

“The number of international visitors more than tripled to 243,565 compared to 71,565 recorded during the same period last year depicting a recovery in tourism activities,” the report added.

Zanzibar recorded 89,956 tourist arrivals in quarter III, 2021 as compared to 43,866 and 74,534 tourist arrivals recorded in the quarter I, 2021 and quarter III, 2020

“This is partly associated with resumption of global economic activities, on-going promotions and improved tourism products and services. Visitors came from Europe, in particular Italy, United Kingdom, Germany, France and Spain,” the report said.

Meanwhile, the value of exports of goods and services in Zanzibar rose to $63.3 million (approximately 147.5trn/-) in quarter III, 2021 as compared to $42.2 million (approximately 98.4trn/-) recorded during the similar period last year.

“The value of exported goods was $43.1 million (approximately 100.4trn/-), higher than $2.7 million (approximately 6.3bn/-) recorded in quarter III, 2020, largely associated with exports of cloves,” the report said.