Zanzibar’s current account deficit widened to $116.5 million during the quarter ending June 2023, from $104.4 million recorded during the corresponding quarter in 2022 according to data from the Central Bank.
According to the Bank of Tanzania Economic Bulletin for the Quarter ending June 2023, the outturn was mainly associated with an increase in import bills that outweighed the increase in exports.
The value of exports of goods and services rose to $26.6 million from $23 million recorded in the similar quarter of 2022, with both goods and services recording increases.
Service receipts increased by 17.5 percent to $20.8 million, largely driven by travel receipts, particularly from tourism related activities.
Goods worth $5.8 million were exported during the quarter, higher than $5.4 million in the quarter ending June 2022, driven by seaweeds, manufactured goods, and fish and fish products.
Goods and services worth $144.8 million were imported during the quarter, compared with $127.0 million in the corresponding quarter in 2022, with both goods imports and service payments recording growth.
“All major categories of goods import recorded increases when compared with the similar quarter in 2022,” the report says.
In line with the increase in goods imports, service payments rose to $23.8 million, higher than in the
quarter ending June 2022 by 20.5 percent