AfricaPress-Tanzania: THE import bill for goods and services decreased to $8,908.4m in the period ending December last year from $10,361.7m registered in 2019, largely driven by a decrease in imports of capital and intermediate goods.
According to the Bank of Tanzania (BoT) monthly economic review for January, much of the decrease was recorded in transport equipment and oil.
The value of oil imports declined by 30.4 per cent to $1,253.3m, accounting for 16.4 per cent of the goods imports bill owing to a decrease in both price and volume.
Meanwhile, the value of transport equipment dropped by 29.6 per cent to $748.8m.
On a monthly basis, the goods import bill increased to $689.6m from $681.1m recorded in December 2019, with much of the increase recorded in the imports of machinery, industrial raw materials and fertilisers.
Services payment amounted to $1,251.7m in December last year, lower than $1,761.7m recorded in 2019, owing to a decrease in travel payments.
On month-to-month, services payments declined by 39.7 per cent to $100.0m in December last year, largely explained by low travel payments associated with worldwide suspension of international flights.
Primary income account narrowed to a deficit of $766.9m from $1,008.0m recorded in the year ending December 2019, largely due to a decrease in payments.
Likewise, on a monthly basis, deficit in the primary income account narrowed by 5.2 per cent to $73.9m in December last year compared to the corresponding month in 2019.
Secondary income account recorded a surplus of $204.1m compared to a surplus of $418.5m recorded in the corresponding period in 2019, owing to a decline in inflows.
On a monthly basis, the secondary income account recorded a surplus of $21.2m in December last year lower than a surplus of $79.6m during the corresponding month in 2019, mainly on account of a decrease in official transfers.
