According to the Bank of Tanzania (BoT)
monthly economic review for March major commodities that contributed to
positive exports are namely as cloves, seaweeds and manufactured goods
which altogether accounted for 96.8 per cent of total earnings from
goods exports.
Earnings from export of cloves amounted
to 114.4bn/- compared with 47.3bn/- in the year to February 2017, mainly
on account of volume, which rose to 6,586 tonnes from 2,741 tonnes.
Seaweeds export earnings also improved
to 7.04bn/- from 4.4bn/- following increase in the volume. Manufactured
goods export earnings amounted to 10.5bn/- compared with 6.6bn/-.
Meanwhile, exports of fish and fish
products rose greatly following large increase in exports of octopus,
squids, shrimps, live lobster and crabs.
The current account recorded a surplus
of 71.5bn/- in the year ending February compared with a surplus of
111.9bn/- in the corresponding period in 2017, owing to increase in
imports of both goods and services.
The goods account recorded a deficit of
237.6bn/- compared with a deficit of 168.3bn/- in the year to February
2017, while services account recorded a surplus of 208.12bn/- compared
with 98.9m/-. Imports of goods and services rose to 519.2bn/- from
353.5bn/- in the year ending February 2017, driven by both services
payments and goods imports.
The increase in the cost of goods import
occurred mostly in consumer and intermediate goods, which contributed
49.0 per cent and 39.3 percent to the increase, respectively.
Value of consumer goods imports mostly
rice, sugar, wheat flour and cooking oil increased, while oil imports
which account for 70.1 per cent and 43.7 per cent of the value of
intermediate goods imports and total imports, respectively, increased to
121.2bn/- from 92.6bn/- on account of both volume and price effects.
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