Goods, service imports on upward trend

DAR ES SALAAM: The imports of goods and services increased to 16,172.7 million US dollars in the year ending October, higher than 16,060.1 million US dollars in the previous year, with the main drivers being machinery, industrial transport equipment, motorcars for household and fertilisers.

According to the Bank of Tanzania (BoT) monthly economic review for November, the import of refined white petroleum products, which accounted for 19.7 per cent of the total imports bill of goods, fell by 16 per cent resulting from both price and volume.

On a monthly basis, goods worth 1,305.3 million US dollars were imported compared to 1,273.8 million US dollars in October last year.

The services payments also rose to 2,416.8 million US dollars from 2,320.6 million US dollars in October last year largely attributed to freight payments consistent with a rise in import bills.

On a monthly basis, service payments fell by 6.7 per cent to 215.2 million US dollars in October this year compared with 230.6 million US dollars in October last year.

The primary income account recorded a deficit of 1,295.4 million US dollars, slightly higher than 1,246.9 million US dollars recorded in the year ending October.

On a monthly basis, the primary account deficit amounted to 99.8 million US dollars broadly unchanged from 101.2 million US dollars in October last year.

The secondary income account balance improved to a surplus of 658.3 million US dollars from 587.6 million US dollars in the year ending October last year due to the rise in personal transfers.

During the month under review, the secondary income account had a surplus balance of 58.5 million US dollars, higher by 3.7 million US dollars recorded in the similar month last year.

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