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Zanzibar records splendid goods, service export

ZANZIBAR has exported goods and services worth 212.6m US dollar during the year ending November 2019, 3.3 per cent higher than those exported in the corresponding period in 2018 owing to increase in service receipts, according to Bank of Tanzania (BoT) annual report, 2019.

However, the goods exports continued to record weak performance.

With exception of seaweeds, and fish and fish products, other major categories of exports declined.

The value of cloves exports fell by 87.4 per cent to USD 2.3 million in the year ending November 2019, due to cyclical nature of the crop.

In the year to November 2018, earnings from export of goods and services amounted to 205.5m US dollar.

The performance was on account of a decline in cloves and other goods export earnings. The value of cloves export fell to 18.3m US dollar compared to previous year, 2017.

The export earnings from seaweeds, the second major export commodity, almost doubled following an increase in the volume exported.

Similarly, earnings from fish and fish products exports grew significantly on account of higher demand in the region, particularly anchovies that are largely exported to Democratic Republic of Congo.

On the imports, the value of goods and services imported in Zanzibar has grown by 9.7 per cent to 329.5m US dollar in the year ending November 2019 from the value recorded in the similar period in 2018 following increase in services payments and intermediate and consumer goods import bill.

Moreover, the annual headline inflation rose to 3.1 per cent in November 2019 from 2.4 per cent in October 2019.

This was driven by food inflation following increase in prices of some food items including maize flour by 39.3 per cent, bread and fish.

However, the rate was lower than 4.4 per cent recorded in the similar month of 2018 and below the medium-term target of 5.0 per cent.

On monthly basis, headline inflation was 0.5 per cent in November 2019 compared to negative 0.3 recorded in November 2018.

Meanwhile, annual non-food inflation eased to 2.4 per cent from 2.7 per cent and 5.2 per cent recorded in the preceding month and corresponding month of 2018, respectively.

On expenditure, during November 2019, government expenditure amounted to 87.3bn/-, of which 61bn/- financed recurrent expenditure and 26.3bn/- was utilized in development projects.

Out of the total amount spent on development projects, 12.5bn/- were local resources and the balance was foreign funding.

The overall fiscal deficit during the month was TZS 16.0 billion, which was financed through borrowing from foreign sources (7bn/-) and domestic sources (9bn/-) On government budgetary operations, revenue realized and foreign grants received by the government amounted to 99.6bn/- November 2019, of which 97.5bn/- was domestic revenue and 2.1bn/- was foreign grants.

Both revenue collections and foreign grants surpassed target for the month, by 24.3 per cent and 78.8 per cent, respectively. Out of revenue collections, 64.5bn/- was tax revenue and 32.1bn/- was non-tax.

PAN AFRICAN Energy Tanzania (PAET) is expecting further ...

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Author: DAILY NEWS Reporter

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