Zanzibar tourism revenue declines
ZANZIBAR CITY, Zanzibar - Dwindling earnings from tourism related activities contributed largely to an 8.7% decline in Zanzibar's service receipts in the year ending June 2013.
ZANZIBAR CITY, Zanzibar – Dwindling earnings from tourism related activities contributed largely to an 8.7% decline in Zanzibar’s service receipts in the year ending June 2013.
According to the monthly report by the Bank of Tanzania (BoT), the Isles recorded a decline in revenues generated from US$170.5 million recorded in the corresponding period 2012 to US$155.6 million this year.
The services account registered a deficit of US$93.8 million down from US$103.2 million registered in the previous year. Similarly, service payments also decreased by 8.1% from US$61.8 million in the period under review from US$67.3 million the previous year.
In the meantime, the Isles’ current account recorded a deficit of US$34.4 million, compared to a surplus of US$73 million of the preceding year. The development was on account of a decline in value of exports of goods and services coupled with an increase in the import bill.
Total value of exports of goods and services was US$195.5 million compared to US$245.1 million recorded in the year ending June 2012. The value of goods exports declined mainly due to a decrease in both volume and price of cloves.
The average export price of cloves per tonne declined by 26.4%, while the volume exported fell by 50%. Likewise, imports of goods and services increased by 14.5% to US$253.3 million in the year ending June 2013, from US$221.2 million recorded in corresponding period in 2012.