Tanzania current account deficit narrows 13 pct in year to April

DAR ES SALAAM (Reuters) - Tanzania's current account deficit narrowed by 13.3 percent in the year to April, with stronger tourism, manufacturing and agricultural output and earnings cushioning a decline in gold exports, its central bank said on Friday.

The current account deficit narrowed to $3.94 billion in the 12 months to April from $4.54 billion during the same period last year. The bank did not say what it was as a percentage of GDP.

"With the exception of gold, all other non-traditional exports increased. Much of the increase was recorded in manufactured goods which amounted to $1.053 billion compared to $886.1 million recorded during the year ending April 2012," the Bank of Tanzania said in its latest monthly economic report.

Tanzania, with a population of around 45 million, is Africa's fourth-largest gold producer after South Africa, Ghana and Mali.

Gold exports, the country's top foreign exchange earner, totaled $1.96 billion in the year to April, down from $2.27 billion a year ago due to a decline in export volumes and prices.

Gold output fell to 37 tonnes in the year to April 2013 from 39.3 tonnes a year ago, while the price of gold on the world market declined 6.6 percent to $1,487.9 per troy ounce.

Revenues from tourism rose to $1.605 billion from $1.432 billion a year ago as the country attracted more visitors.

The country's total bill for imports of goods and services fell marginally by 0.2 percent in the 12 months through April to $12.827 billion, while the value of its exports of goods and services increased 9.1 percent to $8.398 billion.

The value of oil imports rose 2.3 percent to $3.735 billion in April, largely due to a rise in consumption volumes.

Gross official foreign exchange reserves held by the central bank rose to $4.384 billion in the year to April, or about four months of import cover, from $3.498 billion a year ago.

Source: http://news.yahoo.com/tanzania-current-account-deficit-narrows-13-pct-april-143935585.html

Doodle 4 Google Sergio Garcia kellie pickler miranda kerr brian urlacher NBA Mock Draft 2013 Xbox reveal