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Zanzibar Current Account Posts Sh1.4 Billion Deficit; Zanzibar exports cloves, seaweeds and fish

Discussion in 'Jukwaa la Siasa' started by nngu007, Apr 20, 2011.

  1. nngu007

    nngu007 JF-Expert Member

    #1
    Apr 20, 2011
    Joined: Aug 2, 2010
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    Alawi Masare


    Dar Es Salaam — Zanzibar current account balance registered a deficit of $1 million (Sh1.4 billion) during the year ending February 2011 compared to a surplus of $5.4 million registered during the corresponding period in 2010, the bank of Tanzania (BoT) monthly economic review shows.
    The development is due to a decline in cloves exports and a large decline in current transfers.



    "Clove production experienced cyclical decline, leading to a fall in the volume exported. The volume exported tons was 2,000 tonnes compared with 3,100 tonnes in the preceding year," reads part of the March report.

    In the same period, a total export of goods and services amounted to $140.1 million compared with $131.6 million recorded during the preceding year, on account of an increase in service receipts to $123.7 million from $107.1 million.
    Manufactured goods exports which include essential oil and rubber declined to $3.2 million from $4.8 million and was equivalent to 2.3 per cent of total export receipts.
    Meanwhile, the imports of goods and services amounted to $180.1 million compared with $182.3 million recorded during the corresponding period in 2010.
    While the imports of goods and services declined slightly, the components showed mixed developments with service payments being 5.6 per cent lower than the amount recorded in the preceding year.

    Zanzibar exports cloves, seaweeds, fish and manufactured goods and other marine products
     
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