The Bank of Tanzania (BOT) Monthly Economic Review of August 2018 indicates that the country’s earnings from export of goods and services amounted to USD 8,938.3 million in the year ending July 2018, of which USD 5,090.2 million (57%) was realized from goods exports.
During the year ending July 2018, the value of imports of goods and services was USD 10,253.2 million, out of which USD 8.031.8 million (78%) was the value of goods import and the balance was service payments.
Capital and intermediate goods maintained their dominance, each accounting for 36.4% of goods import.
Oil valued at USD 2,022.6 million was imported in the year to July 2018 and accounted for 25.2% of total goods import.
The dominance of capital goods is largely explained by ongoing infrastructure development projects in the economy, BOT explains.
Service receipts remained almost at the same level as in the year to July 2017.
Foreign earnings from travel and transport services remained dominant, altogether accounting for 91.3% of service receipts.
Transport receipts increased by 11.7% to USD 1,239.6 million in the year ending July 2018 compared to previous year owing to increase in the volume of transit goods to-and-from neighboring countries, particularly the Democratic Republic of the Congo, Zambia, and Burundi.
During the year to July 2018, services payments increased to USD 2,221.4 million from USD 1,988.0 million a year before.
The increase was largely explained by higher payments related to transportation, other business, and government services.
Transportation services payments, which accounted for 38.2% of services payment, went up by 4.6% consistent with the increase in goods imports.