Rev. Kishoka
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Tanzania`s external deficit up by 115 pc
2008-10-08 13:23:26
By Our Correspondent
Higher official current transfers and imports made Tanzania`s current account deficit rise by 115 per cent to USD3.12 billion in the 12 months to July from USD1.45 billion a year earlier, the central bank said yesterday.
Imports rose by close to 31 per cent, to USD5.74 billion, compared with the same period a year before, the Bank of Tanzania said in its Monthly Economic Review for August.
Exports of goods and services rose to USD3.97 billion compared with USD3.54 billion a year earlier.
The current account measures the net flow of current transactions, including goods, services and interest payments, in and out of countries.
``While imports of goods and services increased by 27.2 per cent, exports rose by 12.2 per cent,`` said the bank, adding: ``Official current transfers decreased to USD253.9 million in year ending July 2008 from USD808.1 million recorded in the previous year.``
Official current transfers comprise aid and loans from external sources.
According to the review, imports of goods such as telecommunications equipment, food, pharmaceuticals and oil increased during the period under review.
It said earnings from traditional exports - tea, coffee, cotton, tobacco and cashewnuts - had dropped to USD286.1 million.
``The decline in export volumes was largely due to a fall in production following unfavourable weather conditions at the beginning of the farming season in 2006/07,`` added the review.
The value of non-traditional exports, led by gold and manufactured goods, rose by 15.3 per cent to USD1.84 billion in the period under review, compared with the year ending July 2007.
Tanzania, which is reputed for stability in the region, largely depends on mining, tourism and agriculture for its livelihood.
But the contribution of financial services, manufacturing and telecommunications to its economy is growing steadily.
The bank said growth in exports of manufactured goods was largely due to higher investment in the manufacturing sector.
``In addition, security and political stability in the neighbouring countries, which are major destinations of manufactured goods, partly contributed to the impressive performance,`` it noted.
Tanzania exported 36.4 tonnes of gold over the period, down from 47.1 tonnes a year before, but its value has increased.
The value of gold exports is reported to have increased to $832.6 million in July 2008 following an increase in gold prices in the world market.
- SOURCE: Guardian