TANZANIA, July 8 -- THE current account deficit widened by nearly 40 per cent in the year through May as higher import costs, driven by global geopolitical tensions and elevated freight charges, outpaced strong growth in exports and tourism earnings, according to official data.

The current account deficit increased to 2.91 billion US dollars in the year ending May from 2.09 billion US dollars a year earlier as imports of goods and services rose faster than exports amid persistently high global commodity prices and rising maritime shipping costs.

The Bank of Tanzania (BoT) latest Monthly Economic Report shows that despite the wider deficit, exports of goods and services climbed 15.6 per cent to 19.30 billion US dollars, supported by high...