The value of exports of goods and services in Zanzibar increased to $194.7 million during March, 2022 from $97.9 million recorded during the similar period last year largely associated with an increase in receipts from tourism and exports of cloves according to the Monthly Economic Review for March 2022 released by the Bank of Tanzania (BoT).
According to the Central Bank data, service receipts also increased by 51 percent to $108.3 million, while cloves exports rose to $62 million compared to $1.7 million reported during the similar period last year.
“On month-to-month basis, goods exports rose to $6.9 million in March 2022 compared to $2.8 million in March 2021 and $3.6 million in February 2022,” the report said.
Meanwhile, the value of Imports of goods and services also rose to $442.5 million in March 2022 from $350.2 million registered during the corresponding period in 2021.
“This is largely associated with increase in imports of intermediate and consumer goods in particular white petroleum products, edible oil and wheat,” the report added.
During the period under review, capital goods imports declined by 60.1 per cent to $30 million while oil imports during the period increased to $89 million from $30.7 million in March 2022, due to a rise in prices in the world market, coupled with an increase in volume.
“On month-to-month basis, imports (f.o.b) amounted to $33.1 million in March 2022 higher compared to $26.9 million in March 2021 and lower than $36.3 million in February 2022,” the report added.