|
Trade
Trends
Current
Account Balance
During the
year ending May 2010, overall balance of payments recorded
a surplus of USD 483.2 million, compared with a deficit
of USD 10.7 million recorded in the corresponding period
a year earlier. This outturn was mainly explained by
the allocation of the Special Drawing Rights (SDR),
coupled with the narrowing of the current account deficit
to USD 2,536.0 million from USD 2,565.6 million recorded
during the year to May 2009—due to a notable increase
in export of goods and services that outweighed the
impact of the increase in import bill.
|
Millions of USD
|
| Items |
May
|
2010
|
Year Ending May
|
% Change |
| 2008 |
2009 |
April |
May |
2009p |
2010p |
| Goods Account (net) |
-449.9
|
-288.0
|
-243.5
|
-335.5
|
-3,428.2
|
-3,350.1
|
-2.3
|
| Exports |
174.2
|
160.7
|
290.6
|
223.7
|
2,599.3
|
3,080.2
|
18.5
|
| Imports |
624.1
|
448.7
|
534.0
|
559.3
|
6,027.5
|
6,430.3
|
6.7
|
| Services Account (net) |
40.70
|
5.57
|
9.98
|
26.7
|
226.7
|
197.9
|
-12.7
|
| Receipts |
155.7
|
125.7
|
139.3
|
147.4
|
1,857.8
|
1,903.6
|
2.5
|
| Payments |
115.0
|
120.1
|
129.3
|
120.7
|
1,631.0
|
1,705.7
|
4.6
|
| Goods and services (net) |
-409.2
|
-282.5
|
-233.5
|
-308.8
|
-3,201.5
|
-3,152.2
|
-1.5
|
| Exports of goods and services |
329.9
|
268.4
|
429.8
|
371.1
|
4,457.0
|
4,983.8
|
11.8
|
| Imports of goods and services |
739.1
|
568.9
|
663.3
|
680.0
|
7,658.5
|
8,136.0
|
6.2
|
| Income Account (net) |
-11.7
|
-9.5
|
-8.7
|
-15.7
|
-100.2
|
-48.9
|
-51.2
|
| Receipts |
6.4
|
5.3
|
11.0
|
7.4
|
115.1
|
172.3
|
49.6
|
| Payments |
18.1
|
14.8
|
19.7
|
23.2
|
215.4
|
221.2
|
2.7
|
| Current Transfers (net) |
26.0
|
19.1
|
4.9
|
12.3
|
736.2
|
665.1
|
-9.7
|
| Inflows |
32.2
|
24.2
|
13.1
|
20.1
|
808.1
|
753.4
|
-6.8
|
| o/w General Government |
24.4
|
15.8
|
4.9
|
11.7
|
707.8
|
644.2
|
-9.0
|
| Outflows |
6.3
|
5.1
|
8.2
|
7.8
|
71.9
|
88.3
|
22.9
|
| Current Account Balance |
-394.9
|
-272.9
|
-237.2
|
-312.3
|
-2,565.6
|
-2,536.0
|
-1.2
|
P: Provisional
Following these
developments, together with the disbursement of funds
for the balance of payments support from the IMF under
the Exogenous Shock Facility (ESF), the country’s
gross reserves position increased to USD 3,458.3 million
at the end of May 2010 from USD 2,682.5 million recorded
at the end of May 2009. The level of reserves for May
2010 was sufficient to cover 5.1 months of import of
goods and services.
Exports
Performance
During the
year ending May 2010, the value of exports of goods
and services increased by 11.8 percent to USD 4,983.8
million, compared with the level recorded in the corresponding
period a year earlier. The improvement was largely due
to surge in export of gold.
During the
year ending May 2010, export of goods rose to USD 3,080.2
million, compared to USD 2,599.3 million recorded during
the year ending May 2009, largely due to increase in
export of gold. During the period under review, gold
remained dominant, contributing about 45 percent of
total exports of goods.
The month of
May falls in the low season for most of the traditional
exports. Accordingly, the value of traditional exports
shipped in May 2010 was USD 12.4 million, being 40.8
percent lower than the value recorded in the preceding
month.
The value of
traditional exports declined to USD 449.1 million in
the year ending May 2010, compared to USD 479.1 million
recorded in the corresponding period in 2009, due to
a decline in both export volumes and unit prices of
coffee, cotton and cloves. However, exports of tobacco
have continued to increase over the past three years.
Non-traditional
exports increased to USD 2,631.0 million in the year
ending May 2010, compared with USD 2,119.7 million recorded
during the preceding year due to increase in gold exports.
The value of gold exports went up by 67.7 percent to
USD 1,399.6 million, following a rise in the export
volumes and prices in the world market. Available statistics
indicate that export volume of gold increased to 39.5
tons from 28.8 tons recorded in the preceding year,
partly on account of commencement of export by the Buzwagi
Gold Mine in June 2009, while the prices of gold increased
to USD 1,067.4 per troy ounce compared with USD 868.9
per troy ounce recorded in the year ending May 2009.
On the other
hand, the values of manufactured goods and re -exports
were USD 579.5 million and USD 109.2 million, being
lower than USD 645.5 million and USD 118.2 million recorded
during the preceding year. Gold and manufactured goods
accounts for more than 70 percent of non-traditional
exports.
In the year
ending May 2010, services receipts amounted to USD 1,903.6
million, being higher than USD 1,857.8 million recorded
during the year ending May 2009, following an improvement
in travel receipts. Travel receipts increased by 2.5
percent to USD 1,224.7 million as the global economy
continue to recover from the impact of the financial
crisis.
Imports
Performance
During the
year ending May 2010, import of goods and services amounted
to USD 8,136.0 million compared with USD 7,658.5 million
in the corresponding period of 2009. The value of goods
imported increased to USD 6,430.3 million, compared
with USD 6,027.5 million, largely due to a rise in the
value of imported oil, food stuffs and other consumer
goods. The value of imported oil increased to USD 1,808.3
million compared to USD 1,473.2 million in the preceding
year, as the volume of oil rose to 3.3 million tons
compared with 2.5 million tons recorded in the year
ending May 2009. Similarly, the value of consumer goods
import increased by 15.1 percent to USD 1,497.7 million,
largely on account of increase in food and food stuffs.
Importation of other consumer goods, which mainly consist
of pharmaceutical products, plastic items and paper
products, also went up by 13.2 percent to USD 1,102.5
million.
|
Millions of USD
|
| Items |
2009 p
May |
2010
|
% Change
|
Year Ending Mayp
|
% Change |
| |
|
April |
May |
May 09-
May10
|
Apr 10 -
May10 |
2009 |
2010 |
| Capital
Goods |
218.8 |
161.8 |
197.2 |
-9.8 |
21.9 |
2,605.6 |
2,518.9 |
-3.3 |
| Transport
Equipment |
77.2 |
49.2 |
61.8 |
-19.9 |
25.7 |
738.9 |
745.3 |
0.9 |
| Building and Constructions |
33.7 |
38.0 |
38.7 |
14.9 |
1.8 |
610.0 |
566.3 |
-7.2 |
| Machinery |
107.8 |
74.6 |
96.7 |
-10.3 |
29.6 |
1,256.7 |
1,207.3 |
-3.9 |
| Intermediate Goods |
113.8 |
254.5 |
218.9 |
92.3 |
-14.0 |
2,121.2 |
2,413.6 |
13.8 |
| Oil imports |
76.8 |
204.4 |
168.5 |
119.2 |
-17.6 |
1,473.2 |
1,808.3 |
22.7 |
| Fertilizers |
6.1 |
4.1 |
5.8 |
-5.3 |
42.2 |
156.2 |
83.5 |
-46.5 |
| Industrial raw materials |
30.9 |
46.0 |
44.7 |
44.7 |
-2.8 |
491.9 |
521.8 |
6.1 |
| Consumer Goods |
116.1 |
117.6 |
143.1 |
23.2 |
21.7 |
1,300.7 |
1,497.7 |
15.1 |
| Food and food stuffs |
39.5 |
41.0 |
33.0 |
-16.5 |
-19.4 |
326.8 |
395.2 |
21.0 |
| All other consumer goods |
76.6 |
76.6 |
110.1 |
43.8 |
43.8 |
974.0 |
1,102.5 |
13.2 |
| Grand
Total (f.o.b) |
448.9 |
534.0 |
559.3 |
24.6 |
4.7 |
6,027.5 |
6,430.3 |
6.7 |
| Grand Total
(c.i.f) |
493.3 |
586.8 |
614.6 |
24.6 |
4.7 |
6,623.6 |
7,066.3 |
6.7 |
P: Provisional
During the
year ending May 2010, services payment increased to
USD 1,705.7 million compared with USD 1,631.0 million
recorded in the year ending May 2009, largely due to
increase in payments for travel, computer and information
services as well as construction services.
Source:
Bank of Tanzania
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