DWINDLING earnings from tourism related activities contributed largely to an 8.7 per cent decline in Zanzibar's service receipts in the year ending June 2013.
According to the monthly report by the Bank of Tanzania (BoT), the Isles recorded a decline in revenues generated from 170.5 million US dollars (over 270bn/-) recorded in the corresponding period 2012 to 155.6 million US dollars (about 250bn/-) this year.
The services account registered a deficit of 93.8 million US dollars (over 150bn/-) down from 103.2 million US dollars (165bn/-) registered in the previous year. Similarly, service payments also decreased by 8.1 per cent from 61.8 million US dollars (98.88bn/- ) in the period under review from 67.3 million US dollars (107.68bn/-) of the previous year.
In the meantime, the Isles' current account recorded a deficit of 34.4 million US dollars (55.04bn/- ), compared to a surplus of 73 million US dollars (116.8bn/- ) of the preceding year. The development was on account of a decline in value of exports of goods and services coupled with an increase in the import bill.
Total value of exports of goods and services was 195.5 million US dollars (312.8bn/-) compared to 245.1 million US dollars (392.16bn/-) recorded in the year ending June 2012. The value of goods exports declined mainly due to a decrease in both volume and price of cloves.
The average export price of cloves per tonne declined by 26.4 per cent, while the volume exported fell by 50 per cent. Likewise, imports of goods and services increased by 14.5 per cent to 253.3 million US dollars (405.28bn/-) in the year ending June 2013, from 221.2 million US dollars (353.92bn/-) recorded in corresponding period in 2012.