DAILY NEWS Reporter
CURRENT account recorded a deficit of 4,989.6 million US dollars in the year ending October compared with 1,856.9million US dollars in the corresponding period last year on account of higher imports bill.
According to the Bank of Tanzania (BoT) monthly economic review for November, the current account deficit was driven largely by the challenges posed by supply side, particularly disruption of supply-chain attributable to the war in Ukraine, erratic lockdowns in some trading partners to contain Covid-19 variants and climate-related constraints.
Supply shocks sustain high commodity prices in the world market, rising inflation and subsequent tightened financial conditions in the wake of monetary policy tightening by central banks.
The exports of goods and services amounted to 11,831.2 million US dollars during the year to October went up from 9,608.9 million US dollars in the similar period last year largely driven by non-traditional goods and services receipts that accounted for 51.4 percent and 39 percent of total exports, respectively.
The growth in non-traditional goods exports was largely on account of improved export performance of textiles, iron and steel, diamond, fish products and fertilisers.
Exports of diamond increased significantly to 58.6 million US dollars from 3.8million US dollars recorded in the corresponding period last year explained by resumption of production at Williamson Mines following a care and maintenance period.
Meanwhile, gold exports, which accounted for 39 percent of goods exports slightly fell to 2,817.7 million US dollars from 2,842.3 million US dollars in the previous year associated with decrease in world market prices traditional goods worth 742.7 million US dollars were exported during the year to October higher than 672.7 million US dollars in the corresponding period last year.
This performance was supported by the increase in exports of cashewnuts, tobacco, cotton and sisal.
On monthly basis, traditional exports fell to 64.5 million US dollars in October this year from 71.3million US dollars in October last year while non-traditional exports were 552 million US dollars slightly higher than 519.5 million US dollars in October last year.
Services receipts increased to 4,611.3 million US dollars in the year to October from 2,873.5million US dollars in the corresponding period last year boosted by higher travel and transport receipts.
Travel receipts almost doubled to 2,361.7 million US dollars from 1,189.1 million US dollars consistent with the increase in the number of tourist arrivals by 59.6 percent to 1,381,648.
On monthly basis, services receipts were 445.6million US dollars higher than 310.8 million US dollars in October last year.
No comments :
Post a Comment