Fall in prices of cloves hurts Z’bar exports

Zanzibar goods exports declined 37 per cent to 47.3 million US dollars due to the fall in the prices of cloves.

The Bank of Tanzania (BoT) monthly economic review for June shows the value of cloves export was nearly a half of 60 million US dollars realised in the year ended May 2014.

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

Similarly, the current account balance deteriorated to a deficit of 104.5 million US dollars in the year ended May 2015, compared with a deficit of 95.8 million US dollars recorded in the corresponding period in 2014.

Also, the imports of goods and services amounted to 297.8 million US dollars during the period, lower by 8.1 per cent compared with the level recorded in the year ended May 2014.

During the period under review, the import of goods was 242.7 million US dollars compared with 254 million US dollars in the year ending May 2014, on account of a decrease in importation of capital and consumer goods.

Service account improved by recording a surplus of 82.7 million US dollars compared with 33.7 million US dollars in the year ending May 2014. The improvement was mainly due to increase in receipts from tourism.
Source: Daily News, reported from Dar es Salaam,Tanzania
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