Africa-Press – Tanzania. THE current account recorded a deficit of 1,424.5 million US dollars in comparison to 1,034.6 million US dollars in a similar period last year, despite travelling receipts remaining low.
According to the Bank of Tanzania (BoT) monthly economic review for September, the travel receipts accounted for 41.1 per cent of total service receipts, declined by 23.2 per cent to 1,075.7 million US dollars attributed to the containment measures implemented by various countries against the Covid-19 pandemic.
During the reference period, the services receipts declined by 11.3 per cent to 2,616.0 million US dollars for the year ending August.
The number of international arrivals declined to 761,150 from 951,706 in the year to August last year. Noteworthy, the resumption of travel and lifting of lockdown measures in many countries are expected to boost tourism in Tanzania.
On a monthly basis, in August this year, services receipts increased to 262.8 million US dollars compared with 150.6 million US dollars in August last year, owing to a rise in travel receipts, suggesting a gradual pickup of tourism activities from last year.
During the period under review, the overall balance of payments improved to a surplus of 839.9 million US dollars compared to a deficit of 137.8 million US dollars explained by an increase in external financial inflows.
The exports of goods and services marginally improved to 9,206.9 million US dollars compared with 9,105.5 million US dollars in the corresponding period last year owing to good performance in goods exports.
The exports of goods have increased by 7.1 per cent to 6,589.5 million US dollars with non-traditional exports also rising by 742.7 million US dollars to 5,618.7 million US dollars.
A significant increase was registered in exports of gold, manufactured goods, horticultural products and other exports.
Gold exports increased by 206.5 million US dollars to 2,941.1 million US dollars and accounted for 52.3 per cent of exports of non-traditional goods largely boosted by relatively high prices in the world market.
The exports of manufactured goods increased by 33.2 per cent to 1,125.2 million US dollars with a significant increase registered in exports of ceramic products, cosmetics, plastic products, iron and steel.
Most of the manufactured goods are destined to DRC, Zambia, Uganda, Rwanda, Burundi and Malawi.
Likewise, horticultural products increased to 370.8 million US dollars from 181.8 million US dollars much of the increase was recorded in edible vegetables including peas, green beans, onions and tomatoes.
Other exports products grew by 82.5 per cent to 757.7 million US dollars on account of the rise in exports of rice, beans and oilseeds.
On a month to month basis, the export value of non-traditional goods increased to 542.6 million US dollars from 486.7 million US dollars in August last year.
The traditional exports decreased to 639.2 million US dollars in the year ending August from 967.9 million US dollars in the corresponding period last year explained by subdued demand in the world market in the wake of the pandemic.
The decline was observed in all traditional export crops, except coffee and sisal. On a monthly basis, however, traditional exports rose to 66.3 million US dollars compared with 20.8 million US dollars in the corresponding month last year consistent with the onset of the export season for most traditional exports.
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