DAR ES SALAAM (Reuters) - Tanzania's current account deficit narrowed 21.9 percent in the year to January helped by stronger tourism and agricultural output, its central bank said on Wednesday, although gold exports fell slightly.
The current account deficit narrowed to $3.366 billion in the year to January from $4.312 billion during the same period last year.
"Traditional exports increased by 50.8 percent to $963.9 million in the year ending January 2013," the Bank of Tanzania said in its latest monthly economic report.
"The increase was largely on account of a remarkable increase in the export volumes of coffee, cotton, tobacco and cashew nuts that were associated with good weather conditions."
Total exports of goods and services rose 17.9 percent to $8.69 billion, while the country's import bill for goods and services rose 2.4 percent to $12.62 billion.
Gold exports, the country's top foreign exchange earner, fell 0.8 percent in the year to January, fetching $1.67 billion, the bank said.
The central bank did not give reasons for the decline in gold earnings. Tanzania, east Africa's second-biggest economy, is the continent's fourth-largest gold producer after South Africa, Ghana and Mali.
Revenues from tourism increased to $1.571 billion from $1.376 billion a year ago as the country attracted more visitors.
Gross official foreign exchange reserves held by the central bank rose to $3.883 billion in the year to January, or 3.7 months of import cover, from $3.565 billion a year ago.
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