DECLINE of exports and increased imports contributed largely to the widening of the Zanzibar current account to a deficit of 181.1 million US dollars in the period ended October last year compared to 82.8 million US dollars recorded in the corresponding period 2014.
According to the Bank of Tanzania (BoT) monthly economic review, the out turn was mainly driven by decline in exports of goods, current transfer inflows, as well as increase in imports of goods and services.
During the period under review, the exports of goods and services declined by 21.1 per cent to 233.4 million US dollars from the corresponding period in 2014. Goods exports fell substantially by 63.6 per cent to 34.5 million US dollars on account of declines in both volume and value of cloves exports.
The volume of cloves exports dropped to 1,900 tonnes from 5,300 tonnes in the year ending October while its value fell by 66.9 per cent to 19.7 million US dollars, due to cyclical nature of the crop.Service receipts amounted to 198.8 million US dollars during the year ending October 2015 compared with 201 million US dollars in the year corresponding period 2014.
Imports of goods and services amounted to 431.9 million US dollars in the year ending October 2015 compared with 409.5 million US dollars in the corresponding period in 2014.
Goods imports increased to 286.2 million US dollars from 263.9 million US dollars; mostly driven by intermediate goods imports, particularly petroleum products, including oil.
/Daily News.
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