Current account recorded a deficit of 4.35 billion US dollars in the year ending August, up from 1.8 billion US dollars registered in the corresponding period last year, contributed largely by high imports bill.
According to the Bank of Tanzania monthly economic review for September, the imports of goods and services amounted to 15 billion US dollars in the year under review from 10.3 billion US dollars in the same period last year.
The BoT Report attributes the increase in import bill to importation rise of refined white petroleum products, iron and steel as well as plastic items.
In the same vein, balance of payments was a deficit of 418.2million US dollars compared with a surplus of 839.4 million US dollars in the corresponding period a year earlier, due to higher payments abroad.
During the reference period, the external sector continued to face challenges related to the Russia-Ukraine war and resurgence of Covid-19 in China that have led to disruptions of global supply chain, causing high commodity prices.
The exports of goods and services amounted to 11.3 billion US dollars during the year ending August up from 9 billion US dollars in the corresponding period last year driven by goods and services receipts.
Exports increased by 8.3 per cent to 7.12 billion US dollars with non-traditional exports rising by 6.5 percent.
Much of the increase in non-traditional exports came from iron and steel, textiles, fish and fish products and maize grain.
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Gold, which accounted for 38.6 percent of goods exports declined to 2.75 billion US dollars from 2.94 billion dollars a year earlier.
The exports of traditional goods were 754.8 million US dollars up from 639.2 million US dollars supported by a rise in the exports of all traditional crops, largely associated with higher prices in the world markets.
On a monthly basis,traditional exports increased to 70.5 million US dollars from 66.3 million US dollars in August last year while non-traditional exports were 592.9 million US dollars in August this year slightly lower than 559.7 million US dollars in August last year.
The services receipts amounted to 4,326.4 million US dollars in the year ending August, higher than 2,622.9 million US dollars in the corresponding period last year due to higher travel and transport receipts.
Travel receipts more than doubled to 2,122.3 millionUS dollars from 1,025.4 million US dollars consistent with the rise in the number of tourist arrivals by 67 percent to 1,279,062and continued recovery of the tourism sector.
On monthly basis, services receipts were 468.2million US dollars higher than 285.4 million US dollars in August last year.
