ZANZIBAR’S current account deficit has widened to 243.3 million US dollars, up from 187.9 million US dollars registered in the corresponding period in the previous year, largely attributed to an increase in imports bills coupled with a decline in exports.
According to the Bank of Tanzania (BoT) monthly economic review for May, the exports of goods and services increased to 205.7 million US dollars during the year ending April from 101.5 million US dollars recorded in the year ending April 2021, largely associated with an increase in exports of goods and service receipts, in particular cloves and tourism.
Service receipt increased by 56.4 per cent to 118.2 million US dollars while cloves export rose to 62.8 million US dollars from 1.7 million US dollars in the corresponding period in the preceding year.
On a month-to-month basis, goods exports were 2.1 million US dollars in April this year, compared to 1.1 million US dollars last year and 6.9 million US dollars in March.
The imports of goods and services rose to 462.6 million US dollars in the year ending April this year from 363.5 million US dollars recorded in the year ending April last year largely associated with an increase in imports of intermediate and consumer goods.
Intermediate goods imports rose to 283.3 million US dollars from 153.2 million US dollars largely associated with an increase in imports of white petroleum products, edible oil and wheat, as compared to the corresponding period last year.
The rise in imports of consumer goods was recorded in food and beverage for household consumption and all other consumer goods.
On a month-to-month basis, imports (f.o.b) amounted to 36.8 million US dollars in April this year compared to 21 million US dollars last year and 33.6 million US dollars in March.