Zanzibar records 46 per cent drop in clove exports

The value of goods exports in Zanzibar declined by 36.8 percent to USD49.4m from the amount recorded in the year ending March 2014, the Bank of Tanzania (BoT) has said in its April Monthly economic review.
 
According to the review, the decline was mainly due to a decrease in the value of cloves exports from USD59.1m to USD31.9m following a decrease in the volume of cloves exports by 46 percent to 2,900 tonnes from 5,300 tonnes recorded in March 2015
Export value of goods and services amounted to USD190.7m in the year ending March 2015 compared with   USD181.2m in the corresponding period in 2014, on account of the increase in services receipt.
 
In the year ending March 2015, the review said the value of imports of goods and services was USD270.2m compared with USD312.8m in 2014.
Goods imports stood at USD210m compared with USD241.5m in the year ending March 2014, mainly driven by a decrease in import value of capital and consumer goods.
 
It also said Zanzibar current account deficit narrowed to USD74.8m during the year ending March 2015 from USD 79.8 m in March 2014, mainly attributed to the decrease in imports of goods and services coupled with an increase in receipts from tourism.
 
During the month under review, Government expenditure was 36.1bn/-, out of which 28.6bn/- or 79.1 percent was recurrent expenditure and the balance was development expenditure.
 
Recurrent expenditure was 3.5 percent below the estimates while development expenditure was 20.6 percent above the estimate.
The performance of the development expenditure was on account of higher than estimated donor fund inflows. Out of total development expenditure, foreign funding accounted for 64.1 percent and the balance was government contribution.
 
Service account balance registered a surplus of USD 81.1m in the year ending March 2015, compared with a surplus of USD31.7m in the corresponding period in 2014.
 
This outturn was attributed to the increase in receipts from travel including business and tourism-related activities
During March 2015, total resources amounted to 34.2bn/-, out of which 96.7 percent was domestic revenue and the balance was grants.
 
Meanwhile government expenditure was 36.1bn/-, out of which 79.1 percent was recurrent expenditure while the balance was for development projects. As a result, Zanzibar government budgetary operations recorded an overall deficit of 1.9bn/-.
 
Revenue collection during March 2015, amounted to 33.1bn/- or 5.1 percent below the target. Out of the revenue collection, tax revenue amounted to 29.8bn/- and was 7.8  percent below target, owing  to  low importation  of  taxable  goods, notably vehicles.
SOURCE: IPPMEDIA

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