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According to the central bank report, the export of goods and services increased by 14.8 percent to USD 14,119 million in the year ending January from the level recorded in the preceding year, driven mainly by tourism receipts, gold, and traditional exports
Tanzania’s current account deficit narrowed to USD 2,760.7 million in the year ending January this year compared to USD 5,160.1 million on account of the decline in import bills. The Bank of Tanzania’s (BoT) monthly economic review for February shows that the current account narrowed notwithstanding the external shocks that continued to exert pressure on the current account position, foreign exchange reserves, and exchange rate.
During the period under review, the stock of foreign exchange reserves increased to USD 5,107.1 million from USD 4,807 .8 million in the corresponding period a year before. The reserves were adequate to cover 4.2 months of projected imports of goods and services and above the country’s benchmark of four months.
According to the central bank report, the export of goods and services increased by 14.8 percent to USD 14,119 million in the year ending January from the level recorded in the preceding year, driven mainly by tourism receipts, gold, and traditional exports. The export of non-traditional goods rose by 2.1 percent to USD 6,332 million with much of the increase registered in exports of gold.
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The exports of gold were USD 3,075.9 million higher than USD 2,904 million in the period ending January in the preceding year on account of both volume and price effects. The increase was also registered in exports of oil seeds and horticulture products, particularly vegetables.
