Tanzania’s end-May current account deficit shrinks 9.5% y/y

By bne IntelliNews July 18, 2013

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.

Related Articles

South Africa receives another downgrade to junk

Fitch Ratings on April 7 downgraded South Africa to junk status following the removal of Pravin Gordhan as finance minister and the enusing political crisis. Fitch's downgrade to 'BB+' ... more

S&P downgrades South Africa's credit rating to junk after cabinet reshuffle

Standard & Poor’s ratings agency has cut South Africa's sovereign credit rating to 'BB+' from 'BBB-' and the long-term local currency rating to 'BBB-' from 'BBB', both with a negative ... more

South Africa's Zuma sacks respected finance minister

South Africa’s financial markets were sent into a tailspin after the country’s president, Jacob Zuma, fired his respected finance minister as part of a longstanding political crisis, which ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss