Tanzania, Jan 15 – Tanzania’s foreign exchange in 2017 seemed to close in an overwhelming performance with the Tanzania International Container Terminal Services (TICTS) handling 501,690 TEUS cargo units to record an annual achievement.
The country’s largest container terminal recorded a 35% increase in transit bound cargo to the landlocked countries. This reflected an increase in commodity production from Tanzania with investments and businesses rising in comparison to 2016.
The extractive industry improved with copper penetrating in wider markets to increase the country’s foreign revenue. The uplifting of heavy tax levies has helped the general economic growth that has encouraged more businesses to pursue the demand for their products.
The Government of Tanzania heard the cry of traders concerning hefty taxes shied off their businesses as well affecting the consumer price index.
The only obstacle yet to be addressed is the terminal storage capacity in Dar es Salaam port that has slowed the movement of cargo as well. The service delivery has been hampered with minimal machinery.
Tanzania is keen to add its exports with the neighboring countries significantly improving their economies and will be able to purchase more goods. Tanzania can bank on its local industries and companies to grow with the demands of their commodities finding a fertile market.