DAR ES SALAAM — BUOYED by stronger exports of goods and services and products, Tanzania’s present tale deficit narrowed to 2.16 billion US dollars within the one year ending February, marking an enchancment from 2.91 billion US dollars within the identical length closing one year.
The latest files from the Bank of Tanzania Monthly Economic Overview attributes the trend to rising exterior sector efficiency amid ongoing efforts to raise trade and diversify exports.
This efficiency is largely attributed to the boost in earnings from exports of goods and services and products.
“The increase in earnings from goods and services exports not only helped narrow the current account deficit but also signals stronger foreign exchange inflows, which are crucial for stabilising the shilling, supporting foreign reserves and creating more room for economic growth,” the Bank said.
At some stage within the length, exports of goods and services and products grew by 18.8 per cent, reaching 16.74 billion US dollars, up from 14.09 billion US dollars within the corresponding length in 2024.
The explain used to be pushed essentially by higher earnings from gold exports, a rebound in commute and tourism, increased agricultural exports and a fundamental upward thrust in transportation services and products.
In accordance to the BoT picture, exports of goods which invent up 58 per cent of total exports of goods and services and products rose to 9.74 billion US dollars within the one year ending February, up from 7.76 billion US dollars within the identical length in 2024.
This explain used to be largely fuelled by stable performances in key commodities such as gold, cashew nuts, tobacco, espresso and horticultural products.
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Gold exports surged to about a.66 billion US dollars from 3.11 billion US dollars within the previous one year, largely pushed by higher prices within the world market.
Aged exports additionally rose on tale of an boost within the production of cashew nuts and low.
A slowdown used to be observed within the export of manufactured products owing to a decrease in exports of fertilisers, cement and wheat flour.
On a monthly foundation, BoT said goods exports rose to 851.9 million US dollars in February, up from 516.7 million US dollars within the identical month closing one year, pushed essentially by increased shipments of gold and cashew nuts.
Carrier receipts rose by 10.6 per cent to 7.00 billion US dollars all the scheme thru the month, from 6.33 billion US dollars in a an identical length closing one year.
Worthy of the boost used to be registered in commute receipts, which accounted for 56.3 per cent of services and products receipts, connected to a surge in world arrivals to 2,169,208 from 1,881,823 within the corresponding length closing one year.