Analysis and Studies - Country Analysis
Tanzania: a look at the market
January 3rd 2023
Located in East Africa, Tanzania is the 13th largest country in Africa and one of the oldest inhabited areas on Earth.
Its name was created by combining “Tanganica” and “Zanzibar”, two countries which were once separated. In the 19th century, the major powers of the world showed interest on these two lands because of economical reasons. Following different colonization, the two became independent and then merged in 1964.
The economy of Tanzania
Tanzania largely relies on agriculture, which employs about 65% of the work force, but in recent years gold production has gained space, increasing to about 35% of exports. The country is also known for the precious stone that is only found here: tanzanite.
In 2020, the country was the number 75 economy in the world in terms of GDP, which was worth $67,78 billion USD in 2021.
The top exports of Tanzania are gold ($2.36B), coconuts, brazil nuts, and cashews ($386M), raw copper ($345M), precious metal ore ($343M), and dried legumes ($208M), exporting mostly to India ($891M), United Arab Emirates ($866M), Switzerland ($796M), Uganda ($734M), and China ($388M).
Tanzania also imports refined copper ($1.55B), refined petroleum ($730M), packaged medicaments ($368M), palm oil ($302M), and wheat ($219M), mostly from China ($4.17B), Democratic Republic of the Congo ($1.67B), India ($1.41B), United Arab Emirates ($788M), and South Africa ($336M).
Lasty, in 2020 Tanzania exported a total of $5.91B, making it the number 107 exporter in the world. The top export opportunities for Tanzania according to the relatedness index, are insect resins (0.19), other ores (0.19), palm oil (0.18), crustaceans (0.17), and raw sugar.
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