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Zanzibar current account deficit widens

Zanzibar current account deficit widens

Zanzibar current account balance widened to a deficit of 207.2 million US dollars in the period ending November last year from 202.6 million US dollars registered during the corresponding period in 2020, largely due to a decrease in income receipts.

The Bank of Tanzania (BoT) monthly economic review for December last year shows that the value of exports of goods and services increased to 196.5 million US dollars from 107.6 million US dollars in the year ending November 2020, driven by growth in service receipts in particular tourism, coupled with an increase in good exports.

The earnings from cloves export rose to 50.7 million US dollars from 18.2 million US dollars earned in the year ending November 2020.

On month-to-month basis, goods exports rose to 10.4 million US dollars in November from 0.5 million US dollars in November 2020 and 7.6 million US dollars in October last year.

Furthermore, the imports of goods and services amounted to 425.5 million US dollars in the year ending November 2021 from 440.7 million US dollars in the corresponding period in 2020.

According to the Central Bank report, this development was associated with a decrease in imports of capital goods that was recorded in all categories of capital goods.

Likewise, service payments decrease in line with the decrease in imports whereby on month-to-month basis, imports amounted to 34.1 million US dollars in November last year compared to 10.5 million US dollars in November 2020 and 32.4 million US dollars in October last year.

During November last year, oil and industrial raw materials imports increased when compared to the corresponding period in 2020 due to a rebound in economic activities.

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Author: DAILY NEWS Reporter

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