Oil import bills strain Tanzania’s economy

[BAK]

Oil import bills strain Tanzania's economy

By WILFRED EDWIN
THE EAST AFRICAN
Special Correspondent

A huge import oil bill has con-tinued to press hard on Tanzania's ever-growing current account deficit.

The Bank of Tanzania monetary policy statement mid-term review report indicates that the largest proportion to total imports for the year came from intermediate goods, which accounted for 41.3 per cent, with capital goods constituting 36 per cent.

In particular, oil imports rose sharply by 31.3 per cent over the levels recorded in 2006. The surge in the value of imported oil stemmed from both the huge volumes imported and rising prices in the world market.

In 2007, 2.5 million tonnes were imported compared with 2 million tonnes the previous year. The average price per tonne for oil imported into Tanzania was $581.2 in 2007, up from an average price of $574.2 in 2006.

This means that the country's expenditure in footing the oil import bill rose to $1,453 billion last year, when it imported 2.5 million metric tonnes, from an expenditure of $1,148 million when it imported 2 million tonnes of oil the previous year.

Between July and November 2006, the oil import bill constituted 68.7 per cent of intermediate goods and accounted for the largest share of the increase.

During 2007, the current account recorded a deficit of $2,056.2 million. Total export earnings for the year amounted to $3,703.6 million, while imports reached $6,306.3 million.

Traditional export crops, once the major foreign exchange earner, improved by 8.6 per cent over the year, earning $290.1 million.

Mineral exports stood at $886.5 million, out of which gold exports amounted to $762.9 million. Exports of manufactured goods earned $309.2 million, whereas fish and fish products realised $137.7 million.

With regards to services, total receipts amounted to $1,697 million during the year, with tourism accounting for the lion's share.

 

[BAK]

Mineral exports stood at $886.5 million, out of which gold exports amounted to $762.9 million. Exports of manufactured goods earned $309.2 million, whereas fish and fish products realised $137.7 million.

Hii paragraph ya hapo juu kuhusiana na dhahabu ni uwongo mtupu! Juzi kulikuwa na article iliyoelezea kwamba katika dhahabu iliyochimbwa Tanzania tangu mwaka 2001 mpaka 2006 ambayo ilikuwa na thamani ya $3 billion, Tanzania iliambulia $90 million only. Sasa iweje leo mwaka 2007 pekee tuwe tumesafirisha nje dhahabu yenye thamani ya $762.9 million? Au tunahesabu hata ambavyo haviingii kwenye mfuko wetu wa hazina bali kwenye mfuko wa Barrick?

 

[Allah's Slave]

Tatizo ni kuwa hata tukijagundua oil ndani ya TZ, watu washasaini madeal ya hovyo na hizo exploration companies. Oil yote tutakayokuwa tunazalishwa itakuwa exported na sisi tutaambulia 3% kama madini. Allah ibariki Tanzania.

 

[Mbalamwezi]

Hii paragraph ya hapo juu kuhusiana na dhahabu ni uwongo mtupu! Juzi kulikuwa na article iliyoelezea kwamba katika dhahabu iliyochimbwa Tanzania tangu mwaka 2001 mpaka 2006 ambayo ilikuwa na thamani ya $3 billion, Tanzania iliambulia $90 million only. Sasa iweje leo mwaka 2007 pekee tuwe tumesafirisha nje dhahabu yenye thamani ya $762.9 million? Au tunahesabu hata ambavyo haviingii kwenye mfuko wetu wa hazina bali kwenye mfuko wa Barrick?

Bubu, nadhani uko sahihi, kuwa kuna tofauti kati ya hesabu za exports na revenues kutoka kwenye exports. For political reasons nadhani tunapewa zaidi takwimu za exports ambazo hazionyeshi revenues. Nitajitahidi kutafuta revenues baadaye.