Tanzania Current Account narrow

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By Mnaku Mbani
Tanzania’s current account narrowed to a deficit of USD 1,796.6 million In the year to January 2017compared with a deficit of USD 3,809.6 million in the corresponding period in 2016. The Bank of Tanzania Monthly Economic Review for February 2017 indicates that the reduction in the deficit was on account of an increase in export and a decrease in import.
During the year ending January 2017, exports of goods and services increased by 5.1 percent from the corresponding period in 2016 to USD 9,342.1 million. The improvement occurred in exports of gold, traditional crops and travel receipt.

Foreign exchange from export of traditional crops increased to USD 941.9 million from USD 768.5 million in the year ending January 2016. This was mostly contributed by increase in export volumes and prices of cotton, tobacco and cashewnuts. 
By contrast, export values of coffee, sisal, tea and cloves declined. The decline in coffee export was manifested in price, as volume increased; while value of sisal and tea declined on account of a fall in volumes. Cloves export fell on account of a drop in both volume and price.
Non-traditional exports grew by 4.1 percent on year-on-year to USD 4,285.3 million in January 2017. Much of the improvement was observed in export of gold, horticultural products and some commodities in the category of ‘other exports’ which includes raw hides and woods.
Gold export grew by 29.8 percent in value to USD 1,501.9 million due to a recovery in price in the world market and increase in volume.
On the other hand, export of manufactured goods declined to USD 1,070.9 million from USD 1,320.9 million in the year ending January 2016. Items that declined include edible oil and iron and steel products.
Services receipts amounted to USD 3,592.2 million in the year ending January 2017, close to USD 3,512.8 million recorded in the corresponding period in 2016.
Notably, the BOT review shows that travel receipts increased by 5.5 percent to USD 2,133.4 million, associated with increase in number of tourist arrivals from 1,138,287 visitors to 1,314,625 visitors. 
Import of goods and services amounted to USD 10,495.8 million in the year ending January 2017, being 15.3 percent lower than the import bill in the corresponding period in 2016.
All the categories of goods import declined, except for industrial raw materials. A significant decline was marked in capital goods, oil, fertilizers, and food and food stuffs. The import bill for oil, which accounts for the largest share of goods import, declined by 11.6 percent to USD 2,472.8 million due to a fall in prices in the world market, as the volume remained broadly the same.
Notably, the price of white petroleum products in the world market declined by 16.7 percent to USD 516.3 per metric ton from USD 619.6 per metric ton in the year ending January 2016.
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