External Sector Performance The deficit in the current account balance remained large, but narrowed to USD 3,265.5 million in the year ending October 2023, compared with USD 4,990.1 million in the preceding year.   

The outturn was on account of increased seasonal earnings from tourism activities and traditional exports.    

Foreign Exchange Reserves   

On foreign exchange reserves, the stock was USD 4,615 million compared with USD 4,637.2 million at the end of October 2022. Despite the decrease, reserves were adequate to cover about 4.0 months of projected imports of goods and services.  

Non-traditional Goods and Mineral Exports   

Export of non-traditional goods grew by 5.5% with the value of gold exports rising to USD 2,987.7 million up from USD 2,813.9 million in the year ending October 2023, on account of both volume and price effects.   

On a monthly basis, non-traditional exports fell to USD 532.2 million from USD 552 million. Traditional Exports Export of traditional goods edged up to USD 910.3 million from USD 742.7 million (+22.5%), largely driven by exports of coffee and tobacco.    
 

Service and Tourism Receipts   

Service receipts increased to USD 5,838.8 million in the year ending October 2023 from USD 4,555.1 million in the corresponding period in 2022, driven by travel (tourism) and transportation receipts.   

The surge in travel receipts reflects the tourism sector rebound, as tourist arrivals rose to 1,750,557, a record high, from 1,381,881 in the year to October 2022.   

On a monthly basis, service receipts were USD 550 million compared with USD 460.4 million in October 2022.