Tanzania’s current account deficit more than doubles YoY
Deficit reached $3.7 billion in May, as country turns to IMF for support
Tanzania’s current account deficit doubled in the year ending May 2022, driven by increases in prices of oil, transport and iron sheets.
Imports of goods and services rose by $4.2 billion to $13.8 billion. The Bank of Tanzania’s Monthly Economic Review shows the deficit reached $3.7 billion, up from $1.7 billion in May 2021. The central bank attributes this to “higher imports relative to exports” as a result of high commodity prices in the agriculture-based economy.
Tanzania’s main imports
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