According to the Bank of Tanzania (BoT) monthly economic review, the deficit narrowed to 1,843.8 million US dollars in October this year from 4,797.5 million US dollars in the same period in 2015.
The value of exports of goods and services registered 7.5 per cent to 9,479 million US dollars on good performance in exports of traditional and non traditional commodities as well as travel receipts.
The value of traditional exports increased by 1.4 percent to 849.9 million US dollars from 837.9 million US dollars last year. The performance was largely driven by increased export value for all crops except for coffee and cashew nuts. Export values of cotton and tobacco increased due to rise in both volume and price, while sisal and tea increased on price effect. Cashew nuts declined due to fall in both volume and average unit prices while coffee declined due to fall in unit price.
The value of non-traditional exports posted significant increase to 4,399.2 million US dollars compared to 3,987.5 million US dollars of the year earlier due to good exports of gold, horticultural products, re-exports and the category of ‘other exports’.
Gold exports increased by 18.1 percent to 1,394.2 million US dollars on account of price recovery in the world market and increase in volume. Gold price recovered by 4.3 percent to 1,229.5 US dollars per troy ounce compared to 1,178.48 US dollars per troy ounce in the corresponding period in 2015.
On the other hand, export of manufactured goods declined by 4.3 percent to 1,257.5 million US dollars. During the period under review, services receipts were 3,705.0 million US dollars compared with 3,513.7 million US dollars last year due to increase in travel and transportation receipts as other services declined. Increased number of tourist arrivals and volume of transit goods to neighbouring countries largely explain the improved performance of travel and transportation services.
The value of imports of goods and services amounted to 10,692.3 million US dollars as compared with 13,231.1 million US dollars recorded in the corresponding period in 2015
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