Goods, services imports hit $14.5bn

Imports of goods and services increased to 14,598.6 million US dollars in the year ending May from 11,389.6 million US dollars in the corresponding period last year on high import bill.

According to the Bank of Tanzania (BoT) monthly economic review for June, the increase was mainly driven by imports of white petroleum products, industrial transport equipment, machinery and mechanical appliances and fertilizers.

Import of white petroleum products, which accounted for 22.2 per cent of the total goods import bill, edged up by 39.1 per cent to 3,243.4 million US dollars reflecting a cumulative impact of higher prices in the world market.

On monthly basis, goods worth 1,294.5 million US dollars were imported in May this year higher than 939.3 million US dollars in May last year.

Services payments also rose to 2,660.8 million US dollars from 1,924.8 million US dollars largely driven by freight payments consistent with the higher import bill.

On monthly basis, services payments were 216.2 million US dollars in May this year compared with 204.1 million US dollars in May last year.

In the year to May 2023, the primary income account improved to a deficit of 1,219.4 million US dollars from a deficit of 1,273.4 million US dollars in the similar period last year.

On monthly basis, the deficit narrowed to 92.8 million US dollars in May this year from a deficit of 144.9 million US dollars in May last year.

Likewise, the secondary income account improved to a surplus of 586.1 million US dollars from a surplus of 546.2 million US dollars in the year to May driven by higher personal transfers.

On monthly basis, a surplus of 45.1 million US dollars was recorded in May this year compared with 41.2 million US dollars in the similar month last year.

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