The Zanzibar current account has improved to a surplus of $11.3m in the year ending June 2012, compared to a deficit of $19.8m recorded in the corresponding period in 2011. According to Tanzania's central governor, Prof Bonno Ndulu, the improvement was mainly attributed with an increase in export of goods and services. "The increase in value of cloves exports driven by both an increase in volume and export price, accelerated to an increase of export of goods and services from $152.8m recorded June last year to $237.3m recorded during the year ending June 2012," Ndulu said. The average export price of cloves rose from $3,638.8 per ton in the year ending June 2011, to $12,880.7 per ton during the year under review. Prof Ndulu further said that the deficit in Zanzibar trade account also narrowed from a deficit of $98.4m to $83.4m, on account of increase in clove exports. The average export price of cloves rose from $3,638.8 per ton in the year ending June 2011, to $12,880.7 per ton during the year under review. The BoT said that on the side of Tanzania mainland, current account deficit widened from $2,258.7m in June last year to $4,296.1m during the year ending June 2012, largely due to an increase in imports of oil and a decline in official current transfers. "As at the end of June 2012, gross official reserves amounted to $3,786.7m sufficient to cover about four months of projected import of goods and services. During the same period, the gross foreign assets of banks were $911.4m," he said. The BoT's monthly economic review indicates that the value of imports of goods and services during the year ending June 2012 went up by 25.3% to $272.5m, mainly due to a rise in the value of capital and consumer goods imports. The value of export of goods and services was $7.99bn compared to $7.05m recorded during the year ending June 2011. The central bank said that the improvement was largely attributed by the increase in gold exports and travel receipts. According to BoT, traditional exports amounted to $761.1m, which is 9.2% higher than the level exported in the corresponding period of 2011. "This development was mainly attributable to an increase in both export volumes and prices of cotton, tea, cloves and cashewnuts," the BoT said. Exports value of tobacco declined by 5.9% to $271.9m mainly due to decrease in the world market prices. The value of non-traditional exports was $4.108bn, compared to $3.56bn recorded during the year ending June 2011 dominated by gold and manufactured goods. BoT says the value of gold exports increased by 30.4% to $2.33bn. The increase is largely due to the rise in the world market price by 21.9% to $1,671.08 per troy ounce.