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Tanzania enjoys balanced tradeTuesday, June 10, 2014 > 08:55:18
ARUSHA, Tanzania - Tanzania has overtaken other East African Community (EAC) countries in recording a positive balance of trade last year.
Provisional data for 2013, shows that the value of Tanzania’s exports was $1,120.1 million, which is an increase of 82 % from $613.30 million in 2012 and $409 million in 2011, the EAC ministry in Tanzania indicated.
Local traders continue to take advantage of opportunities available under EAC integration.
The Confederation of Tanzania Industries (CTI) said recently its members had increased exports to the EAC and this was a boon to the economy as it drives growth.
The CTI Chairman, Dr. Samuel Nyantahe said increased foreign direct investments had also stimulated the growth of exports.
“Although the results are only provisional, they show a trend which is good for the economy. We need to sustain it by addressing the outlined challenges in our infrastructure and in doing business in general,” he said.
According to the Ministry of East African Cooperation, Tanzania’s trade with other EAC partner states maintained a steady growth and by the end of 2013, the country’s exports in the regional market exceeded its imports.
Tanzania is struggling to reform its business environment which is described the most unfriendly in the East African region. The country fell 12 places in the Doing Business Report 2014 – published by the World Bank and its private sector window, the International Finance Corporation (IFC).
The products exported included machines, fertilizers, electrical equipments, ship and boats equipments, cereals, oil products and their distillations, paper and textiles.