ZANZIBAR current account balance registered a deficit of 73.6 million US dollars compared with 46.0 million US dollars in the corresponding period in 2019, driven largely due to higher value of imports relative to exports.
On monthly basis, the central bank latest report shows that the current account balance stood at a deficit of 14.4 million US dollars from a surplus of 4.2 million US dollars contributed by increase in imports.
Exports of goods and services increased to 237.7 million US dollars in the year ending March from 196.6 million US dollars in the corresponding period in 2019.
The outturn was largely associated with improved service earnings as well as export of cloves and seaweeds.
The monthly exports declined by 29.9 per cent to 17.7 million US dollars in March 2020, largely following decline in services receipts related to tourism activities.
Tourist arrivals in Zanzibar decreased by 66.7 per cent to 20,584 in March from 61,752 in February, due to outbreak of coronavirus pandemic.
The imports of goods and services amounted to 400.3 million US dollars in the year ending March, an increase of 36.0 per cent compared to the corresponding period in 2019.
All major categories of goods import recorded growth.
On monthly basis, the imports reached 44.1 million US dollars in March from 38.7 million US dollars in February, mainly driven by capital goods, in particular machinery, and consumer goods, especially food and foodstuff.