According to a report released by the National Institute of Statistics (NISR), total exports saw a slight increase from US$ 223.73 million in June 2023 to US$ 225.61 million in June 2024, reflecting a modest growth of 0.84%.
However, domestic exports declined by 0.21%, while re-exports increased by 4.15%. Despite this increase in exports, it was insufficient to counterbalance the substantial rise in imports, which surged by 18.39%, raising from US$ 538.23 million in June 2023 to US$ 637.23 million in June 2024.
Several categories experienced significant growth in imports. The value of food and live animal imports increased by 49.62%, rising from US$ 79.23 million in June 2023 to US$ 118.54 million in June 2024.
Similarly, imports of beverages and tobacco grew by 51.83%, and mineral fuels saw a 54.49% increase.
Additionally, imports of chemicals and related products rose by 32.09%, and manufactured goods classified chiefly by material saw a growth of 13.33%.
Examining the export goods by category, food and live animals exports rose by 24.35%, from US$ 19.87 million in June 2023 to US$ 24.71 million in June 2024. In contrast, exports of beverages and tobacco dropped sharply by 33.57%. Crude materials, inedible except fuels, also declined by 19.56%.
On the other hand, the export of chemicals and related products increased by 60.42%, and manufactured goods classified chiefly by material grew by 15.06%.
Rwanda's main export partners in June 2024 were the United Arab Emirates, the Democratic Republic of Congo, and China.
Exports to the United Arab Emirates slightly decreased from US$ 111.74 million in June 2023 to US$ 107.68 million in June 2024. Exports to the Democratic Republic of Congo grew marginally, while exports to China showed a minor decrease.
China remained a dominant import partner, with imports raising from US$ 105.77 million in June 2023 to US$ 135.22 million in June 2024.
Kenya followed with a dramatic increase in imports, rising from US$ 25.77 million to US$ 130.44 million. Imports from India also grew from US$ 59.45 million to US$ 67.38 million.
In a press briefing last year, the Deputy Governor of the National Bank of Rwanda, Soraya Hakuziyaremye, explained that addressing the trade deficit is a long-term journey.
She highlighted measures such as the Made in Rwanda initiative, launched in 2018, which has boosted the production of locally made products, reducing reliance on imports.
Additionally, she emphasized the country's goal to increase exports, whether from industrial or agricultural products.
IGIHE
Source : https://en.igihe.com/economy/article/rwanda-s-trade-deficit-hits-us-411-62-million-in-june-2024
