Imports of goods, services up by 40 per cent

DAILY NEWS Reporter

Imports of goods, services up by 40 per cent

DAILY NEWS Reporter

Imports of goods and services recorded an annual increase of 40.4 per cent to 16,830.8 million US dollars in the year ending January largely due to price increases attributable to

the disruption of the global supply chain.

According to the Bank of Tanzania (BoT) monthly economic review for February, oil, which accounted for 23.7 per cent of the total goods import bill, contributed much of the rise in import bill at 34.3 per cent.

The imports of machinery and industrial transport equipment also had a notable contribution to the change in the goods import bill.

Conversely, imports of edible oil declined, attributable to a decrease in volume, partly explained by the increase in domestic production following government intervention.

On monthly basis, the import of goods edged up to 1,064.6 million US dollars from 973.4 million US dollars in January last year.

The service payments increased by almost two thirds to 2,530.9 million US dollars in the year ending January on account of the high freight payments consistent with the rise in imports of goods.

On monthly basis, service payments were 231.1 million US dollars up from 165.6 million US dollars in January last year.

The primary income account deficit widened to 1,284.2 million US dollars in the year to January from a deficit of 1,200.9 million US dollars in the previous year.

On a monthly basis, a deficit of 105.3 million US dollars was recorded compared with a deficit of 98.4 million US dollars in January last year.

Meanwhile, the secondary income account balance improved to 595 million US dollars in the year ending January from 546.3 million US dollars in the year to January last year driven by an increase in personal transfers.

On a monthly basis, a surplus of 52.9 million US dollars was registered, compared with 40.6 million US dollars in January last year.