CURRENT account has narrowed to a deficit of 1,912.0 million US dollars in the year ending August 2016 compared with 4,910.7 million US dollars of the corresponding period due to an increase in exports and imports fall.
According to the Bank of Tanzania (BoT)
monthly economic review, the value of exports went up by 7.1 percent to
9,477.2 million US dollars due to an increase in travel, manufactured
goods and gold exports.
The value of traditional exports
amounted to 822.6 million US dollars, which is 2.6 percent lower over
the preceding year. The decline was due to low value of cashew nuts
export in both volume and prices, which more than offset the increase in
values of other traditional export crops, namely tea, sisal, cloves and
coffee.
The value of tobacco remained broadly
the same as in the corresponding period while strong growth of tea was
on account of increase in price and that of sisal and cotton driven by
price and volume.
The value of coffee and cloves increased
owing to volume increase despite recording lower prices, consistent
with the general subdued prices of commodities in the world market.
The value of non-traditional export
commodities amounted to 4,389.3 million US dollars compared with 4,010.7
million US dollars recorded in the corresponding period in 2015.
Much of the increase was registered in
manufactured goods, gold, horticultural products, re-export and category
of ‘other exports’ namely cereals, hides and skins, cocoa and wood
products.
Export of manufactured goods increased
by 5 percent to 1,330.9 million US dollars with a notable increase
recorded in edible oil, textile apparels, plastic goods, fertilisers and
paper products.
On the other hand, gold increased by 5.9
percent to 1,307.7 million US dollars on account of a slight recovery
in gold price in the world market and increase in volume.
Services receipts amounted to 3,744.1
million US dollars compared to 3,512.3 million US dollars in the
preceding year due to the increase in receipts from travel and
transportation services.
Travel receipts grew by 12.8 percent to 2,267.4 million US dollars following an increase in the number of tourist arrivals.
Meanwhile, transport receipts increased
by 2.8 percent to 1,034.6 million US dollars owing to the increase in
transit goods to and from neighbouring countries.
Travel and transportation remained dominant in the services receipts, accounting for 60.7 percent and 27.5 percent, respectively
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