Zanzibar — REBOUND in tourism-related activities has significantly boosted external sector performance, driving the current account surplus up by 29.2 per cent to 912.1 million US dollars, largely supported by increased service receipts compared with the previous year.
The rebound in tourismrelated activities strengthen foreign exchange earnings, supports job creation across hospitality and related sectors and boosts government revenues, thereby reinforcing economic stability and accelerating post-pandemic recovery and growth.
The latest Bank of Tanzania Monthly Economic Review shows that exports of goods and services edged up by 25.5 per cent to 1.63 billion US dollars in the year ending February compared with the level in the corresponding period last year.
Service receipts remained the dominant component of total exports, accounting for 94.9 per cent, highlighting the continued reliance on the services sector particularly tourism and related activities as a key driver of export earnings and external sector performance.
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Similarly, export of goods rose more than twofold to 82.2 million US dollars driven by traditional exports, notably cloves, which registered bumper harvest in the year ending February.
On a month-on-month basis, exports of goods and services increased to 151.3 million US dollars in February from 138.7 million US dollars recorded in February last year.
Imports of goods and services rose by 22.8 per cent to 743.9 million US dollars in the year ending February compared with the level in the similar period last year. This performance was largely explained by increased imports of capital and consumer goods.
The increase in capital goods was largely driven by higher imports of industrial transport equipment, while the rise in consumer goods reflected greater imports of nonindustrial transport equipment and other consumer items, including footwear and related products.
On a month-on-month basis, imports of goods and services increased to 64.6 million US dollars in February up from 40.4 million US dollars recorded in February last year.
