BOT: Value Of Gold Export Declines

 
The value of gold export declined from $ 2.15 billion in the year ending September 2012 to $ 1.748 billion in the year ending September 2013, Bank of Tanzania said in its September Monthly Economic Review.

Export value of gold declined following a decrease in both export volume and unit price in the world market. Export unit price for gold declined by 8.2 percent to an average of $ 1,524.59 per troy ounce from the price recorded in the year ending September 2012, according to the central bank review.

The fall of gold export partly affected the performance of export of goods and services that declined 1.4 percent to $ 8.242 billion during the year ending September 2013 compared to $ 8.362 billion recorded in the corresponding period in 2012.

“Despite the decline in export values, gold and manufactured goods continued to dominate non-traditional exports,” the report shows in part.

Data also shows that the value of import of goods and services increased by 2.9 percent to $ 10.847 billion from the levels recorded in the year ending September 2012, topped by oil at $ 4.15 billion this September.

Gross official reserves amounted to $ 4.59 million as at end of September 2013, sufficient to cover 4.5 months of projected imports of goods and services excluding those financed by foreign direct investment.