The value of exports of goods and services in February this year dropped to $196.5 million from $223 million recorded during the corresponding month in 2018, according to Bank of Tanzania’s monthly economic review for March.
Dar es Salaam. The Zanzibar value of goods and services exports decreased by 11.9 per cent during the year ending February 2019, on account of a drop in the volume of cloves exported, the central bank revealed.
The value in February dropped to $196.5 million from $223 million recorded during the corresponding month in 2018, according to Bank of Tanzania’s monthly economic review for March.
“The development was mainly on account of decline in the volume of cloves exported, associated with the cyclical nature of the crop,” it stated.
Annual volume of cloves exported went down to 1, 000 tonnes in February 2019 from 6, 600 tonnes on similar period the previous year, a drop of over 84 per cent.
However the world market price per tonne of cloves improved from $7,926.1 to $8, 070.4 per tonne.
According to BoT the export value of fish and fish products improved significantly due to growing market for anchovies in the neighbouring countries.
Meanwhile, receipts from services increased to $176.6 million in the year ending February 2019 from $160.5 million in the corresponding period in 2018 owing to increase in earnings from tourism related activities.
On the other hand the value of Zanzibar imports increased thus resulted to the deficit in the current accounts.
It was reported that value of goods and services imports rose by 28.1 per cent in the year ending February 2019, from $236.0 million recorded in the year ending February 2018. Much of the increase was observed in merchandise imports.