26 June 2014

Tanzania: Higher Price of Cloves Lifts Z'bar Exports

ZANZIBAR'S total value of goods exports rose significantly in the year ended April, thanks to an increase in both volume and average price for cloves.

According to the Bank of Tanzania (BoT) monthly economic review, the value of cloves exports increased to 60 million US dollars, compared to 42.5 million US dollars in the corresponding period a year before.

During the period under review, Zanzibar's total value of goods exports increased to 74.7 million US dollars from 42.5 million US dollars recorded in the corresponding period in 2013, mainly on account of an increase in value of cloves exports.

However, the export performance did not bring remarkable impact on the current account where the deficit widened to 87.4 million US dollars compared to a deficit of 27.5 million US dollars recorded in the year ending April 2013.

This out turn was attributed to decrease in current transfers inflows and increase in the value of goods imports that out weighted the increase in value of exports of goods.

Generally, the total value of export of goods and services was 179.6 million US dollars in the year ending April 2014, down from 228.8 million US dollars recorded in the corresponding period in 2013.

The value of imports of goods and services declined to 317.6 million US dollars from 329.8 million US dollars recorded in similar period in 2013. Goods import amounted to 243.7 million US dollars, up from 202.3 million US dollars registered in the corresponding period in 2013.

The rise in goods import was mainly on account of increase in the value of capital and consumer goods. Also the month under review saw the services account registering a surplus of 34.6 million US dollars, compared with a surplus of 58.9 million US dollars recorded during the corresponding period last year.

During the same period, services receipt decreased from 127.4 million US dollars to 70.4 million US dollars, largely on account of decrease in earnings from tourism related activities.

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