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Tanzania Current Account Deficit Narrows 2.2 Pct In Year To June
16/08/2013
DAR ES SALAAM (Reuters) - Tanzania's current account deficit narrowed 2.2 percent in the year to June helped by stronger tourism and agricultural performance amid a slowdown in imports, the central bank said.
The deficit narrowed to $4.173 billion in the 12 months to June from $4.267 billion during the same period last year. The bank did not say what it was as a percentage of the GDP.
"The overall balance of payments recorded a surplus of $449.1 million compared to a surplus of $209.1 million recorded in the corresponding period in 2012," the Bank of Tanzania said in its latest monthly economic report.
Gold exports, the country's top foreign exchange earner, declined to $1.83 billion in the year to June, from $2.28 billion a year ago, due to a decline in both export volumes and prices.
The volume of gold exports declined to 36 tonnes compared to about 40 tonnes recorded in the year ending June 2012, while the average unit export price declined by 3.6 percent to $1,610.7 per troy ounce.
Tanzania, which has a population of around 45 million, is Africa's fourth-largest gold producer after South Africa, Ghana and Mali.
Revenues from tourism rose to $1.751 billion from $1.498 billion a year ago as the country attracted more visitors.
The value of traditional exports rose to $819.9 million in the year ending June 2013 from $784.9 million previously, largely driven by increased export volumes of coffee and cotton.
The country's total bill for imports of goods and services fell 0.4 percent in the 12 months through June to $12.9 billion, while the value of its exports of goods and services increased 2.8 percent to $8.28 billion.
Gross official foreign exchange reserves held by the central bank rose to $4.353 billion in the year to June, or about four months of import cover, from $3.78 billion a year ago, the central bank said.
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