Value of cloves exports down

ZANZIBAR goods account deficit has widened to 103.4 million US dollars in the year ending September from 70.4 million US dollars of the corresponding period 2016 on account of fall of exports particularly cloves.

According to the Bank of Tanzania (BoT) monthly economic review for September the surplus in the services account declined by 4.1 per cent to 85.9 million US dollars. The value of cloves exports declined during the year on account of decrease in export volume and price in the world market.

Goods and services account registered a deficit of 17.5 million US dollars down from a surplus of 19.2 million US dollars of the previous year. Export of goods and services declined by 17.3 per cent in the year ending August 2017 to 172.0 million US dollars owing to a weak export performance of all goods export except for fish and fish products.

Volume of cloves exported felt 2,253 tonnes from 6,207 tonnes in the year ending August 2016, while average price in the world market declined to 7,846 US dollars per tonne from 8,064 per tonne US dollars.

About 490 tonnes of cloves worth 4.1 million US dollars were in August exported compared with 480 tonnes in the corresponding month last year. Zanzibar current account balance was a surplus of 19.7 million US dollars down from 40.4 million US dollars in the year to August 2016.

This performance was associated mostly with a decline in goods exports and increase in service payments.