The Zanzibar current account deficit narrowed to 12.1 million US dollars (about 19.36bn/-) in the year ending August compared to 33.2 million US dollars (53.12bn/-) recorded in the corresponding period in 2012.However, the Zanzibar current account for the month of August recorded a deficit of 4.9 million US dollars (38.42bn/-), compared to a deficit of 0.6 million US dollars (960m/-) recorded in the preceding month.
According to the Bank of Tanzania (BoT) monthly economic review for the month of August, the increase in the import bill was the reason behind the widening of Zanzibar current account deficit in August compared to the month of July.
Goods imports increased by 8.0 per cent to 182.3 million US dollars from 168.7 million US dollars recorded during the year ending August 2012.
The increase was mainly driven by machinery imports. Also the period under review witnessed a decline of exports of goods and services to 181.9 million US dollars compared with 203.7 million US dollars registered in the corresponding period in 2012.
The out turn, according to the report was largely driven by a decline in goods export proceeds notably cloves, seaweed and manufactured goods. The value of clove exports declined by 65.5 per cent on account of decrease in both volume and export price.
The fall in volume of cloves exports was due to a cyclical nature of the crop, while export prices declined on account of supply factors.
Similarly, the imports of goods and services declined by 10.8 per cent to 232.7 million US dollars, from 261.0 million US dollars registered in the corresponding period in 2012.
The out turn was mainly due to a decline in the service payments. Services account registered a surplus of 94.9 million US dollars in the year ending August 2013, compared with a surplus of 32.8 million US dollars recorded in the corresponding period in 2012.
Service receipts increased by 16.2 per cent from 125.1 million US dollars recorded during the year ending August 2012.
Service payments declined by 45.3 per cent to 50.4 million US dollars from 92.3 million US dollars recorded in the year ending August 2012.
Source: Daily News, reported from Dar es Salaam, Tanzania
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