By Azania Post Reporter
THE average price of cloves in the world market declined in the year ending August 2017 as compared with the same year in 2016, the Bank of Tanzania (BoT) has said in its latest economic review.
According to the review, the average price of the said crop declined to USD 7,846 per tonne in August 2017 from USD 8,064 recorded in 2016.
It further said that generally export of goods and services in Zanzibar declined by17.3 percent in the year ending August 2017 to USD 172.0 million, owing to a weak export performance of all goods export, except for fish and fish products.
The value of cloves exports declined during the year, on account of decrease in export volume and price in the world market.
Volume of cloves exported felt to 2,253 tonnes from 6,207 tonnes in the year ending August 2016, while average price in the world market declined to USD 7,846 per tonne from USD 8,064 per tonne.
In August 2017, about 490 tonnes of cloves worth USD 4.1 million were exported compared with 480 tonnes in the corresponding month in 2016.
The value of seaweed exports amounted to USD 1.7 million in the year ending August 2017, a decline of 27.6 percent from the amount realized in the year toAugust2016, the review said.
Exports of manufacture goods, which includes re-export of imported manufactured goods, declined to USD 4.9 million from USD 9.3 million in the year to August 2016.
It is worth to note that, during the year ending August 2017, share of manufactured goods exports in total increase in the value of imported intermediate (particularly oil imports) and consumer goods.
The value of oil imports increased from USD 38.2 million in the year ending August 2016 to USD 47.7 million.
Consumer goods import, which accounted for 32.1 percent of total imports, rose by 79.8 percent in the year ending August 2017 from the year to August 2016. The increase was driven by imports of food and foodstuffs .
During the year ending August 2017, current account balance was a surplus of USD 19.7 million compared with a surplus of USD 40.4 million in the year to August 2016.
This performance was associated mostly with a decline in goods exports and increase in service payments, the review said.
The goods account deficit widened to USD 103.4 million, from USD 70.4 million in the year ending August 2016, while surplus in the services account declined by 4.1percent to a surplus of USD 85.9 million.
Goods and services account registered a deficit of USD 17.5 million, down from a surplus of USD 19.2 million in the year ending August 2016.
The balance in the service account declined from a surplus of USD 85.9 million in the year ending August 2017 from USD 89.6 million in the year to August 2016, partly on account of an increase in foreign payments. Foreign payments amounted to USD 61.2 million compared with USD 47.0 million in the year to August, largely driven by travel and transportation.
The value of imports of goods and services (f.o.b) increased to USD 189.5 million in the year to August 2017 from USD 188.7 million in the year ending August 2016