Fall of volume and export price of cloves has contributed to the decline of Zanzibar export of goods and services to 186.2 million US dollars during the year ending October 2013, from 202.5 million US dollars recorded in the corresponding period in 2012.Volume of cloves exported contracted by 34.7 per cent during the period under review from 2,600 tonnes recorded during the year ending October 2012, while average export price declined to 10,305 US dollars per tonne from 11,973.8 US dollars per tonne.
“The fall in the volume of cloves exported was due to cyclical nature of the crop, while export prices declined on account of increased supply in the world market,” stated the Bank of Tanzania latest report.
Similarly, the Zanzibar current account recorded a deficit of 4.9 million US dollars in the period under review, compared to a deficit of 0.6 million US dollars recorded in the preceding month.
The widening of the current account deficit was largely due to an increase in the import bill. However, for the year ending August 2013 saw the current account deficit narrowing to 12.1 million US dollars from a deficit of 33.2 million US dollars recorded in the corresponding period in 2012.
The outturn was on account of an increase in service receipts coupled with official current transfer inflows. Imports of goods and services declined to 308.6 million US dollars in the year ending October 2013, from 313.4 million US dollars recorded in the corresponding period in 2012 on account of a contraction in goods imports.
The import of goods declined by 34 per cent to 42.6 million US dollars from 64.5 million US dollars recorded during the year ending October 2012, mainly attributed by decrease in the value of capital goods and oil imports.
During the year ending October 2013, services account registered a surplus of 35.8 million US dollars, compared with a surplus of 32.3 million US dollars recorded in the corresponding period in 2012. This outturn was mainly on account of increase in tourism related receipts.
Source: Daily News, reported from Dar es Salaam, Tanzania
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