Monday, August 24, 2015
India’s exports to Tanzania increases higher
EXPORTS commodities from India to Tanzania has amounted to $ 2.4 billion during the trading year period ending in December 2014, while imports from Tanzania to India during the same trading period stood at $ 1.2 billion. India’s exports to Tanzania in 2014 increased by 7 percent compared to the export figure of $2.3 billion recorded in 2013. In comparison of the same trading period, Tanzania’s exports to India have increased by 72 percent in 2014. According to the annual economic and commercial report for 2014 issued by the Indian High Commission in the country, the balance of trade is in favour of India by $ 1.1 million. According to the report, India’s share of Tanzania’s total imports in 2014 amounted to 19 percent, while its share of Tanzania’s total global exports was 20 percent.
Elaborating on the statistics made available by India High Commission, the Deputy High Commissioner of India in the country Robert Shetkintong said during an interview in his office that, India’s main exports commodities have not changed. He mentioned the exports as petroleum products, medicines, electrical ire and telephone cables, motorcycles, construction trucks and buses, iron and steel items and tractors. He further noted that, his country India mainly imports from Tanzania commodities such as gold, cashew nuts, pulses, oil-cake, timber, spices (clove), precious gemstones and cotton. He said compared to the trading year of 2013, India’s exports to Tanzania in the year 2014 increased primarily on account of greater exports of medicines, passenger motor vehicles, tractors for agriculture, and motor-cycles. Elaborating more on the importation of commodities from India to Tanzania, he noted that there has been a higher demand of imported commodities from India mostly medicines due to their cheapest and affordable price rates.