Thursday, March 22, 2012

TANZANIA'S GOLD EXPORTS JUMPED TO 2.2 BILLION USD.



Gold exports from Tanzania, which vies with Mali to be Africa’s third-biggest producer of the metal, jumped 49 percent in the year through November, the Bank of Tanzania said.

Shipments increased to $2.2 billion from $1.48 billion a year earlier, the Dar es Salaam-based central bank said in a statement on its website today.

The East African nation’s current account deficit widened 75 percent to $4.3 billion, as imports grew 32 percent to $11.5 billion, it said. Imported oil volumes increased 16 percent to 3.6 million metric tons, “partly associated with increased demand for thermal power generation,” the bank said. The value of oil imports surged 50 percent to $2.96 billion.

Exports climbed to $6.7 billion from $5.6 billion on higher world gold prices, the bank said.

“The improvement was largely on account of increases in gold prices in the world market, traditional exports and travel receipts,” it said. Gold jumped 26 percent to $1,746.38 per ounce by Nov. 30 from a year earlier, according to data compiled by Bloomberg.

The debt of the region’s second-biggest economy grew to $12.58 billion at the end of November, while gross official reserves totaled $3.48 billion, compared with $3.7 billion a year earlier, the bank said.

To contact the reporter on this story: David Malingha Doya in Dar es Salaam at dmalingha@bloomberg.net

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