The value of exports of goods and services doubled to $204.4 million in Zanzibar during May 2022 compared as compared to the same period last year largely attributed to increase in exports of good and service receipts particularly cloves and tourism.
According to the Bank of Tanzania (BoT) Monthly Economic Review for June, 2022 released this week, service receipts increased by 53.3 per cent to $118.4m while cloves exports rose significantly to $62.8m million from $1m recored in the corresponding period last year due to cyclical nature of the crop.
“On month-to-month basis, goods exports rose to $1.8m in May 2022 compared to $1.3m in May 2021,” the report said.
Meanwhile, the Imports of goods and services also rose to $460.9m million during May 2022 from $369m recorded during the same period last year following an increase in imports of intermediate and consumer goods.
The Intermediate goods imports amounted $ 294.2m compared with $163.5m largely driven by imports of industrial supplies, white petroleum products, edible oil and wheat.
“The rise in imports of consumer goods was more pronounced in food and beverage for household consumption. On month-to-month basis, imports amounted to $34.6min May 2022, compared to $21.3 recorded during the same period last year,” the report said.