According to the BoT’s monthly economic review for March 2019, an increase is owing to good performance recorded in goods exports, particularly gold.
The review said likewise, the value of exports of goods and services increased to USD 8,554.5 million in the year ending February 2019 from USD 8,434.2 million in the corresponding period in 2018, owing to good performance recorded in non-traditional exports and services receipt.
It added that the value of traditional goods exports increased to USD 70.4 million in February 2019 from USD 38.4 million in January 2019 with cotton and tobacco recording the highest growths.
According to the review, the value of coffee and tea exports increased due to increase in volume, while that of other traditional goods exports was on account of both volume and unit price in the global market.
The price movements of traditional exports were broadly consistent with the developments in world markets prices., the review said.
Meanwhile, on annual basis, the value of traditional goods exports decreased to USD 601.8 million in February 2019 from USD 1,077.8 million in February 2018.
Export value of non-traditional exports increased to USD 438.0 million from USD 270.8 million in January 2019, with all sub-categories recording growth.
Significant performance was registered in manufactured goods and gold exports.
The good performance in gold exports, which accounts for about 52 percent of total non traditional exports; was explained by increase in volume and world market prices.
Similarly, annual export value of non-traditional exports increased to USD 3,471.2 million in the year ending February 2019 from USD 3,097.7 million in February 2018, driven by manufacturing, gold, re-exports and other exports.
In the meantime, foreign exchange receipt from services was USD 174.2 million in February 2019 compared with USD 186.7 million in the preceding month, largely driven by travel receipts.
Annually, receipt from services increased to USD 4,074.1 million from USD 3,841.2 million in the year ending February 2018, on account of travel and transport receipts.
Receipts from transport related activities increased due to growth in volume of transit goods to-and-from neighbouring countries particularly Zambia,Democratic Republic of Congo, Rwanda and Burundi.