The Tanzanian newspaper, The Citizen, reported that Tanzania has edged Nigeria to become India’s largest trading partner. They are India’s second-largest trading partner in Africa, second only to South Africa.
The report cited the statement from the High Commission of India in Dar es Salaam, revealing that trade between Tanzania and India increased by 22% in the last fiscal year. Their bilateral trade value went up from $6.48 billion in 2022/23, to $7.9 billion in the year leading up to May 27, 2024.
This meant that Tanzania had moved past Nigeria which was previously India’s second-largest African trading partner, and has taken the country’s place.
Additionally, the trade gap between both countries closed up significantly, as Tanazania’s trade to India increased by 25.9% to $3.29 billion.
“The latest trade statistics reveal not only an increase in the volume of bilateral trade but also an improvement in the trade balance,” the High Commission disclosed.
Pigeon peas, avocados, and Cashew nuts are some of the products Tanzania sells to India, while it buys petroleum products, industrial machinery, and automobiles amongst other things from India.
“The burgeoning trade between Tanzania and India underscores the mutual commitment to fostering economic growth, enhancing cooperation, and unlocking shared prosperity,” the embassy stated.
This growth is in line with the forecast revealed to the attendees of the Tanzania/India Business Forum by Mr. Manoj Verma, an official of the Indian High Commission in Tanzania, back in March.
Then the High Commission disclosed that trade between India and Tanzania is expected to exceed $7 billion this fiscal year.
Trade between India and Tanzania dates back centuries ago when both people made contact with each other.
Source link : https://africa.businessinsider.com/local/markets/tanzania-beats-nigeria-to-become-indias-second-largest-african-trading-partner/7jn088k
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Publish date : 2024-05-29 08:50:10
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