Zanzibar’s current account registered a deficit of $417.1 million during September 2023 from $344.8 million recorded during the corresponding period in 2022 according to the Bank of Tanzania Monthly Economic Review for October 2023.
“This development was largely associated with an increase in import bills coupled with a decrease in export of goods,” the report released by the BoT shows.
The value of imports of goods and services in Zanzibar rose to $636.1 million from $514.7 million in September 2022.
Capital goods increased to $78.7 million from $34.9 million driven by machinery and mechanical appliances; industrial transport equipment; electrical machinery and equipment.
“This increase was largely associated with the ongoing public and private infrastructure projects. Intermediate goods imports rose by 13.1 percent to $390.4 million, on account of imports of fuel and lubricant other foods and beverages for industrial purposes, motorcars and households.
The rise in consumer goods imports was mostly influenced by food and beverages for household consumption, non-industrial transport equipment, and other consumer goods categories
“On monthly basis, imports of goods (f.o.b) and services increased to $74.2 million in September 2023, from $54.2 million in September 2022,” the BoT report shows.
Exports
The value of exports of goods and services, grew to $206.3 million in September 2023, from $168.0 million recorded in the corresponding period in 2022, largely owing to increase in service receipts.
Service receipts, particularly tourism rose by 38.4 percent to $143.1 million, following an increase in tourist arrivals, during the review period.
Clove exports declined to $32.3 million, from $38.1 million recorded in the corresponding period in 2022, due to the cyclical nature of the crop.
“On monthly basis, exports of goods and services were $25.6 million in September 2023 compared with $25.3 million in September 2022,” the report shows.
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