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.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Ghana inks nuclear power agreement with China, advancing clean energy goals

Nuclear Power Ghana Limited and China National Nuclear Corporation Overseas Limited have sealed a deal, marking a milestone in Ghana's energy landscape, reports Asaase Radio.  The agreement ... more

South Africa needs surplus electricity from solar plants, says minister

South Africa’s Electricity Minister Kgosientsho Ramokgopa has called for discussions to assess ways of making surplus electricity from existing renewable energy facilities available to the grid. ... ... more

Zimbabwe commits to annual independent audits of its gold reserves underpinning new ZiG currency

Zimbabwe's government will ensure its gold reserves which underpin its newly-introduced currency, would be independently audited once yearly, The Herald reports. The southern African nation ... more

Follow Us On

Most Read

  1. EU finally boosts defence investment into arms production as Ukraine runs out of ammo
    1 month ago
  2. Don't mention the "D" word - Ukraine
    6 days ago
  3. Ukraine's birth rate plummets to 300-year low as country’s population collapses
    9 days ago
  4. The models are wrong, climate change is accelerating faster than predicted
    2 days ago
  5. The 'wet-bulb' set to kill hundreds of thousands of people if temperatures and humidity levels continue to rise
    4 days ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    27 days ago
  2. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  3. BRICS announce a blockchain-based payment system to create a common currency
    30 days ago
  4. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    1 month ago
  5. Saudi Arabia to scale back plans for Neom city
    17 days ago

Reports

Dismiss