africa development Diplomacy Economy Tanzania Trade

Tanzania’s exports value to Italy hit the $48.96 million mark

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The economic cooperations between Tanzania and Italy has remained strong and created investment opportunities for both parties.

 

The Tanzania – Italy bilateral trade has continued to show progress and productivity after the former country’s exports to the latter increased by almost 8.27 percent.

The country’s export value shot to $48.96 million in 2017 from $45.2 million in 2016. Increased foodstuffs and metallurgy led to the rise of the export receipts to the European country.

The Italian Ambassador to Tanzania, Mr. Roberto Mengoni said Italy’s exports to their trading partner would soon increase with the industrialization revolution in Rome taking place. He hinted a rise in the trade between the two countries in 2018 as well. Tanzania is on the verge of transformation to a semi-industrialized economy by 2025, catapulted by the manufacturing sector.

Tanzania President, John Pombe Magufuli is aware of the contribution of the partnership between the local sector and foreign investors to propel this aim. Quality increased production in the economy will indeed lift the economic performance of the state for more exports and stiffen competition regionally and internationally.

Tanzania’s main economic contributor is agriculture and the industry, which accounted for most of the exports. Coffee, tea, and spices raked in $19.57 million which accounted for almost 54 percent of the total export revenue. Fish, crustaceans, molluscs, aquatics invertebrates dominated the 35 percent share of the trade value to Rome, according to the United Nations COMTRADE database on international trade.

On the other hand, Italy main exports to Tanzania include machinery and transport equipment which is vital for the industrialization drive. Last year, Tanzania imports from Italy was $90.02 million with electronic equipment value standing at $6.84 million. The balance of trade has always favored the Italian side.

The Italian Embassy in Tanzania vowed to support Italian investors in Tanzania to boost the industrialization goal as well as ensure they achieve their greatest potential in the East African soil. The ease of doing business in Tanzania seeks to lure more investors to increase the foreign investments.

Source: The Exchange

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