Tanzania's current account deficit has narrowed, as reported by the Bank of Tanzania's economic review for September. The deficit decreased to US$2,567.2 million in the year ending August 2024, from US$3,846.5 million in the previous year, with the external sector's performance playing a key role in this development.
Exports of goods and services experienced a notable increase to US$15,064.6 million in the year ending August 2024. This increase was significantly supported by the growth in service receipts, particularly from the tourism sector, and the rise in exports of gold and traditional goods such as tobacco, cashew nuts, and horticultural products. Horticultural exports, including edible vegetables, saw robust growth of 35.3 percent to US$454.4 million, attributed to higher shipment volumes.
On the import side, goods and services imports saw a modest rise to US$16,427.5 million in the year ending August 2024. The external sector's robust performance, especially in exports, highlights Tanzania's gradual recovery amid improving global economic conditions, with the horticultural sector playing a significant role in this progress.
Source: IPP Media