Tanzania’s current account gap narrowed by 9.5% y/y to USD 3.97bn in the year ending May 2013 thanks to a 12.4% drop in the deficit on the goods and services account to USD 4.41bn, the country’s central bank said in its monthly economic review.
Exports of goods and services rose 5.7% y/y to USD 8.27bn, while imports of goods and services fell 1.4% y/y to USD 12.68bn in the year to May. The growth in exports was affected mainly by higher exports of traditional goods, manufactured goods, travel and transportation receipts, Bank of Tanzania said.
The value of traditional exports rose 13.4% y/y to USD 850.7mn in the year ending May 2013, following a 4.1% increase recorded in the preceding year. The performance was largely driven by higher exports of coffee, cotton and cashew nuts thanks to favourable weather.
Revenues from tourism rose 11.4% y/y to USD 1.62bn in the year to May as the country attracted more visitors. Exports of manufactured goods rose 14% y/y to USD 1.02bn.
Exports of gold, which has the largest share of total export value, fell 12.5% y/y to USD 1.97bn in the year to May, due to a decline in export volumes and prices. Tanzania is the fourth-largest gold producer in Africa after South Africa, Ghana and Mali.
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