Africa-Press – Tanzania. DAR ES SALAAM: IMPORTS of goods and services increased to 17,007.2 million US dollars in the year ending June from 13,715.7 million US dollars in the corresponding period last year on account of increased import bills.
According to the Bank of Tanzania (BoT) monthly economic review for July, the main drivers of the increase were white petroleum products, machinery and mechanical appliances, industrial transport equipment, fertilisers and service payments, in particular freight payments.
Import of white petroleum products, which accounted for 18.4 per cent of the total import bill, increased to 28.3 per cent, with price effects exerting the larger impact accounting for 25.1 per cent while the volume effect was only 2.5 per cent.
On monthly basis, goods worth 1,044.1 million US dollars were imported in June lower than 1,118.3 million US dollars in June last year.
The primary income account balance was a deficit of 1,270 million US dollars in the year to June from a deficit of 1,260.7 million US dollars a year before.
On a monthly basis, the account recorded a deficit of 113 million US dollars compared with a deficit of 104.1 million US dollars in June last year.
Service payments also rose to 2,537.4 million US dollars in the year to June from 2,002.4 million US dollars in the corresponding period last year largely driven by freight payments consistent with the growing import bill.
On a monthly basis, service payments were 172 million US dollars in June compared with 201.8 million US dollars in June last year.
The secondary income account balance improved slightly to a surplus of 640.9 million US dollars in the year to June this year from a surplus of 574.2 million US dollars in the year to June last year due to a decline in personal transfers.
On a monthly basis, the secondary income account had a surplus balance of 102.2 million US dollars in June this year higher than 65.8 million US dollars in June last year.