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Increased imports of transport equipment and building materials led to a widening of Tanzania's current account deficit of US $ 2.159 billion, an increase of US $ 966 million from US $ 1.193 billion. the same period in 2017.
This represents an increase of 7.5% from August 2018 when the deficit was $ 2.009 billion.
The Bank of Tanzania (BoT) indicates that all categories of imports have increased, including equipment goods, transportation equipment, buildings and building materials, increase due to construction in progress railways, roads and bridges, airports and ports.
In their latest economic report, central banks reported that imports of oil, which account for the largest share of imports in the country, rose 8.1 percent to $ 1,973 billion, largely due to rising prices in the global market caused by supply factors.
At the same time, the value of exports of goods and services declined, mainly because of the decline in exports of non-traditional goods.
Non-traditional exports include diamonds, gold, manufactured goods such as mobile devices, coffee, tobacco, fish and fish products, as well as horticultural products.
"In the year ending September 2018, the value of exports of goods and services amounted to about $ 8.669 billion, compared to $ 8.741 billion for the fiscal year ended September 2017," the report says.
Non-traditional exports include diamonds, gold, manufactured goods such as mobile devices, coffee, tobacco, fish and fish products, and horticultural products.
The traditional export counter includes agricultural commodities, including coffee, cotton, sisal, tea, raw tobacco, cashew nuts and cloves.
Tanzania's main export destinations are India, the United Arab Emirates, Switzerland, South Africa and China. The same nations are also importing.
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