IMPORTS of goods and services were valued at 16,196 million US dollars in the year ending October this year compared with 10,763.9 million US dollars in the year ending October last year.
According to the Bank of Tanzania (BoT) monthly economic review for November this year, the increase largely stems from the rise in import bill of refined white petroleum products, machinery, iron and steel and plastic items, consistent with the growth of economic activities.
Prices of most commodities recorded a rise, largely on account of supply chain disruptions associated with the ongoing war in Ukraine.
Imports of refined white petroleum products that accounted for about 23 per cent of the total import bill, grew by 90.8 per cent to 3,228.7 million US dollars on account of both volume and price effects.
Services payments rose to 2,320.5 million US dollars from 1,490.4 million US dollars in the year to October last year explained by higher freight payments consistent with the rise in import bill.
On monthly basis, services payments amounted to 230.6 million US dollars an increase from 154.6 million US dollars in October last year.
In the year ending October, primary income account recorded a deficit of 1,255 million US dollars compared with a deficit of 1,214.6 million US dollars in the corresponding period last year.
On a monthly basis, the deficit in the primary income was 104.9 million US dollars in October this year almost the same as in the similar month last year.
The secondary income account improved, recording a surplus of 630.3 million US dollars compared with a surplus of 512.6 million US dollars in the year ending October last year.
This performance was owing to an increase in transfers. On a monthly basis, surplus of 52.9 million US dollars was recorded, compared with 41.2 million US dollars in October last year.
