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Zanzibar current account deficit widens

Zanzibar current account deficit widens

ZANZIBAR current account balance widened to a deficit of 212.6 million US dollars in the year ending April from 50.5 million US dollars registered during the corresponding period last year largely due to an increase in imports of goods coupled with a decrease in exports of goods and services.

According to the Bank of Tanzania (BoT) monthly economic review for May, exports of goods and services decreased to 137.0 million US dollars from 240.7 million US dollars in the same period last year largely on account of a decline in the export of cloves.

The earnings from cloves export declined to 1.7 million US dollars compared to 19.5 million US dollars earned in the period ending April last year.

On a month-to-month basis, goods exports amounted to 1.1 million US dollars in April this year compared with 1.3 million US dollars in April last year and 2.8 million US dollars in March largaely due to a decrease in manufactured goods.

The value of imports of goods and services amounted to 433.4 million US dollars in the year ending April from 387.3 million US dollars in the corresponding period last year. This development was associated with an increase in imports of capital and consumer goods with most of the imported capital goods being machinery and transport equipment.

On a month-to-month basis, imports amounted to 18.8 million US dollars this year compared to 11.1 million US dollars in April last year and 26.9 million US dollars in March this year.

The bulk of imports in April this year comprised oil and other consumer goods which altogether accounted for 69.0 per cent of the total imports compared to 70.9 per cent in the preceding month and 41.4 per cent in April last year.

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Author: DAILYNEWS REPORTER

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