Tanzania's Gold Export Volume Sees Growth Despite Shrinking Global Prices
Tanzania's gold export volume has experienced a 3.9% increase in the second quarter of this year, even as global prices continue to shrink, according to a statement by the country's central bank on Monday.
During the second quarter, the export volume reached 9,531.7 kilograms, surpassing the previous quarter's figure of 9,174.7 kilograms. Furthermore, this represents a significant surge of 9.3% compared to the same quarter last year.
In terms of value, the gold sold generated $469.2 million, signifying a 5.6% rise from the first quarter's $443.6 million. Moreover, this figure also surpasses the corresponding period in 2022, which saw a value of $444.0 million.
The global price of gold has declined, reaching $770.7 per troy ounce in the second quarter of this year. Comparatively, the previous quarter recorded a price of $853.1 per troy ounce, while the same period in the prior year reported a higher figure of $1,209.8 per troy ounce.
It is worth mentioning that gold export value constitutes nearly half of all Tanzanian goods exports.
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