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Tanzania: Cashew Nut, Coffee Exports UpTuesday, July 21, 2015 > 09:46:20
COFFEE and cashew nut have boosted value of traditional exports in the year ended May 2015, as other crops declined, the Central Bank has said.
The Bank of Tanzania (BoT) said its latest monthly economic report that traditional exports amounted to 906.5 million US dollars up from 843.2 million US dollar in the preceding year.
The improvement was driven by an increase in export value of coffee and cashew nut, as most of the other crops declined.
According to the report, cashew nut exports reached 252.7 million US dollars up from 133.4 million US dollars in the year before, while coffee exports amounted to 149.2 million US dollars up from 129.7 million US dollars of the preceding year.
According to the report, export value of cashew nut improved significantly owing to an increase in export volume and price. The increase in coffee export value was driven by price as export volume declined, the report said.
Global prices for coffee have raised due to declining output from major suppliers particularly Brazil, the source of one-third of the world's coffee and about half of the world's Arabica beans.
Reports from coffee global market say drought in Brazil at beginning of crop year has led in global supply deficit and resultant price increase which have nearly doubled this year.
Tobacco exports slightly increased to 360.0 million US dollars from 359.9 million US dollars of the year ending May 2014. Other traditional exports crops such as cotton, tea, cloves and sisal declined in export value, the report shows.
The value of non-traditional exports amounted to 4,112.6 million US dollars, an increase of 9.6 per cent from corresponding period in 2014.
All the non-traditional exports improved, except gold and horticultural products. Earnings from gold, the other main source of foreign income, fell to 1.44 billion US dollars from 1.51 billion US dollars a year ago, reflecting another decline in prices and lower export volumes.