BoT: Zanzibar clove exports dwindle by 48 pct this year

Bank of Tanzania (BoT)

The volume of cloves exports in Zanzibar decreased by 48.1 percent in the year ending May 2014, the Bank of Tanzania (BoT) has said in its monthly economic review for the month of June which was released over the weekend.

 

According to the review, export of goods and services amounted to USD223.2m compared with USD178.7m in the year ending May 2014.

 

In particular, goods export decreased by 37.0 percent to USD47.3m following a decrease in cloves export. 

 

The value of cloves export was nearly a half of USD60m realised in the year ending May 2014. 

 

The volume of cloves export decreased by 48.1 percent   to 2,800 tonnes due to the cyclical nature of the crop.

 

It said import of goods and services imports amounted to USD297.8m during the year ending May 2015, lower by 8.1 percent compared with the level recorded in the  year ending May  2014. 

 

Import of goods was USD242.7m compared with USD 254.0m in  the year ending May 2014 on account of a decrease in  importation  of capital  and  consumer  goods.The review further show that food inflation was 1.6 percent in the year ending May 2015 compared to negative 0.6 percent.

 

In April 2015,while on month-to-month food inflation increased to 3.4  percent in  May 2015 from 0.5 percent in April 2015. 

 

Developments in both annual and month-to-month inflation were driven by increases in prices of rice and wheat flour.

 

Annual non-food inflation rate rose to 4 percent in May 2015 from 2.8 percent in the preceding month, mainly on account of a rise in the prices of cement and charcoal.

 

Inflation that excludes food and energy was 3.8 percent in the year ending May 2015 compared with 2.9 percent in April 2015, while on month-to-month it remained at 1.8 percent as in April 2015. Energy and fuel inflation was negative 6.9 percent in the year ending May 2015 compared with negative 10.0 percent in April 2015.

 

Government expenditure amounted to 32bn/-, of which 26.4bn/- or 82.8 percent was recurrent expenditure and  the balance was for development projects.

 

 Recurrent expenditure was almost as estimated at 99.6 percent, while development expenditure was 56.6  percent below the estimates due to lower than projected inflows from development partners. Foreign funding for    development projects was 5bn/-

 

SOURCE: THE GUARDIAN