Import of Goods and Services in Tanzania Dips Due to Decrease in Petroleum Imports

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Imports of goods and services of Tanzania declined to USD 16,054.3 million US dollars in the period ending January this year from USD 16,784.6 million in the previous year. This was mainly due to a decrease in goods import, particularly white petroleum products

Imports of goods and services of Tanzania declined to USD 16,054.3 million US dollars in the period ending January this year from USD 16,784.6 million in the previous year. This was mainly due to a decrease in goods import, particularly white petroleum products.

According to the Bank of Tanzania (BoT) monthly economic review for February the imports of machinery, industrial transport equipment motor cars, and wheat grain increased, though not sufficient to offset the decline of the white petroleum products.

Import of refined white petroleum products declined to USD 2,703.1 million from USD 3,363.7 million in the previous year, on account of price effect. Monthly, goods import was USD 1,058 million compared with USD 1,033.3 million in January last year.

Services payments decreased to USD 2,300.7 million from USD 2,516 million in the year to January due to a fall in freight payments resulting from the decrease in goods import. On a month-to-month basis, service payments fell by 29.1 percent to USD 187.2 million in January this year consistent with a decline in import bills.

The primary income account recorded a deficit of USD 1,498.1 million higher compared to USD 1,268.7 million in the period to January last year largely due to higher interest payments. Every month, the deficit in the primary account amounted to USD 71.3 million lower than USD 97.7 million in January last year.

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The secondary income account balance improved to a surplus of USD 672.6 million in the period ending January this year compared with a surplus of USD 591.6 million in the previous year, explained by a rise in personal transfers. Every month, the secondary income account balance had a surplus of USD 40.4 million lower than USD 43.6 million in January last year.