Zanzibar’s current account registered a deficit of $447.7 million during October this year from a deficit of $362.8 million recorded during the corresponding period in 2022 according to the Bank of Tanzania (BoT) Monthly Economic Review for November, 2023.
This development was largely, associated with an increase in import bills.
According to Central Bank data, the imports of goods and services rose to $652.8 million in October this year from $542.8 million in the year ending October 2022.
“All major categories of goods import increased,” the report shows.
The increase in capital goods imports was largely associated with ongoing infrastructure projects, while that of intermediate goods was driven by refined white petroleum products.
Goods (f.o.b) and services worthy $41 million were imported in October 2023, compared with $30.5 million in October 2022.
Exports
The value of Exports of goods and services in Zanzibar grew to $204 million in October this year, from $177.1 million recorded in the corresponding period in 2022, owing to increase in service receipt, in particular, tourism related activities with services receipts rising by 32.8 percent to $145.2 million.
The Goods exports recorded an annual decrease of 13.2 percent on account of a decline in cloves export to $27.1 million in October from $41.6 million recorded during the same period last year due to the cyclical nature of the crop.
“On monthly basis, exports of goods and services amounted to $20.1 million in October 2023 compared to $23.1 million recorded during the similar period in 2022,” the report shows.
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