Tanzania: Imports of Goods, Services Shoot Up-Bot

Import of goods and services increased to 11,251.5 million US dollars in the year ending November 2021, from 9,268.6 million US dollars during a similar period in 2020.

According to the Bank of Tanzania (BoT) monthly economic review for November, the increase was observed in all import categories, with a significant rise in oil, industrial raw materials and transport equipment.

During the period, oil imports increased by 44.9 per cent to 1,938.8 million US dollars on account of both price and volume. Service payments increased to 1,573.2 million US dollars from 1,349.8 million US dollars in the year to November 2020, much of the increase stemming from freight payments consistent with a surge in import bills.

On a month-to-month, services payments increased to 178.4 million US dollars in November last year, from 101.5 million US dollars in November 2020, emanating from freight payments.

The primary income account deficit narrowed to 841.4 million US dollars in the year ending November last year from 914.0 million US dollars in the corresponding period in 2020, owing to a decrease in payments abroad.

On monthly basis, the primary income account recorded a deficit of 105.6 million US dollars in November last year compared to 82.9 million US dollars in November 2020.

The secondary income account surplus widened to 575.8 million US dollars in the year ending November last year from 479.6 million US dollars in the corresponding period of 2020, owing to a rise in private transfers.

On monthly basis, a surplus of 41.9 million US dollars was recorded in November last year compared with 4.5 million US dollars in November 2020.

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