Browsing: Tanzania’s exports

Exports from Tanzania have slightly increased, according to a recent economic review from the National Bureau of Statistics (NBS).

NBS’ second-quarter report, indicates that the economy has grown to 7.2 percent, anchored by the Information and Communications Technology (ICT), construction and water sectors, hence—still the external sectors records significant deficits, sparked by importation of higher goods imports.

The report showed that the overall balance of payments was a deficit of $37.7 million in the year ending September 2019 compared with a deficit of $276.4 million in the year ending September 2018. Meanwhile the current account deficit widened to over $2,1 billion from over $1.8 billion, owing to higher goods imports, particularly capital and intermediate goods which are used for production.

However, on the other side of the sector, the report argues that: Tanzania’s holds sufficient reserves to sustain its operations for over 6.1 months of projected imports of goods and …