Tanzania: BoT: Gold exports increased to USD1.7bn in May

Tanzania gold exports, increased by 21 per cent in the year through May, the central bank said.

The East Africa’s second largest economy vies with Mali to be Africa’s third-biggest producer of the metal.

Shipments grew to USD1.7bn from USD1.4bn a year earlier, the Bank of Tanzania said in an e-mailed report in Dar es Salaam yesterday.

The value of all exports climbed by USD 1.4bn to USD$6.4bn in the year, it said. Imports swelled to USD 9.7bn, a USD 1.5bn increase, according to the report.

The country’s current account deficit widened by 3.6 per cent to USD 2.6bn in the same period.

“This was mainly on account of rise in imports of goods and services that outweighed the increase in exports of goods and services and official current transfers,” it said.

Tanzania’s foreign reserves amounted to USD 3.6bn by the end of May, sufficient to cover 4.4 months of imports, while the national debt decreased to USD 11.4bn in the period, it said.

SOURCE: THE GUARDIAN