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Zanzibar exports up by over 80 pc

Zanzibar exports up by over 80 pc

According to the Bank of Tanzania (BoT) monthly economic review for March this year, the outturn was largely driven by the upsurge in exports of cloves.  “It is pertinent to note that during the year ending February 2012, value of clove exports rose to 62.8 million US dollars (about 100.5bn/-) from 7.3 million US dollars (11.7bn/-),” stated the report. 

The report showed a hike in the average export price from 3,588 US dollars (about 5.7m/-) per ton in the year ending February 2011 to 13,097.8 US dollars (20.9m/-) per ton during the period under review.

Likewise, the total value of imports of goods and services during the year under spotlight went up by 50.3 per cent to 270.7 million US dollars (about 433.1bn/-), from 180.1 million US dollars (nearly 288.2bn/-) registered in the corresponding period in 2011.

This was mainly due to an increase in the value of oil imports which accounted for  94.4 per cent from 35.6 million US dollars (about 56.9bn/-) to 69.2 million US dollars (about 110.7bn/-). 

Capital goods imports increased by 42 per cent to 59.2 million US dollars (94.7bn/-) from 41.7 million US dollars (66.7bn/-) recorded during the corresponding period in 2011, while consumer goods imports increased by 44.7 per cent to 28.8 million US dollars (46bn/-) from 19.9 million US dollars 31.8bn/-.

Zanzibar’s current account balance registered a deficit of 0.5 million US dollars (about 800m/-) compared to a surplus of 14 million US dollars (22.4bn/-) recorded in February 2011. This was mainly on  a drop in cloves export proceeds coupled with a decline in official current transfers from development partners. 

However, on annual basis, the current account registered a surplus of 25.9 million US dollars (41.4bn/-) for the year ending February 2012, compared to a deficit of 1 million US dollars (1.6bn/-) registered in year ending February 2011, largely driven by the increase in value of export of goods.

The deficit in trade account narrowed to 67.2 million US dollars (107.5bn /-) in the year ending February 2012, compared to a deficit of 75.6 million US dollars (120.9m/-) recorded during the corresponding period in 2011 on account of increase in export proceeds from cloves.

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Author: SEBASTIAN MRINDOKO

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