{"id":51158,"date":"2024-08-06T16:29:10","date_gmt":"2024-08-06T16:29:10","guid":{"rendered":"https:\/\/new.igihe.com\/rwanda-s-trade-deficit-hits-us-411-62-million-in-june-2024\/"},"modified":"2024-08-08T11:01:45","modified_gmt":"2024-08-08T11:01:45","slug":"rwanda-s-trade-deficit-hits-us-411-62-million-in-june-2024","status":"publish","type":"post","link":"https:\/\/new.igihe.com\/english\/rwanda-s-trade-deficit-hits-us-411-62-million-in-june-2024\/","title":{"rendered":"Rwanda\u2019s trade deficit hits US$ 411.62 million in June 2024"},"content":{"rendered":"

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%. <\/p>\n

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.<\/p>\n

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.
\nSimilarly, imports of beverages and tobacco grew by 51.83%, and mineral fuels saw a 54.49% increase. <\/p>\n

Additionally, imports of chemicals and related products rose by 32.09%, and manufactured goods classified chiefly by material saw a growth of 13.33%.<\/p>\n

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%. <\/p>\n

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%.
\nRwanda’s main export partners in June 2024 were the United Arab Emirates, the Democratic Republic of Congo, and China. <\/p>\n

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.<\/p>\n

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.
\nKenya 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.<\/p>\n

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. <\/p>\n

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. <\/p>\n

Additionally, she emphasized the country’s goal to increase exports, whether from industrial or agricultural products.<\/p>\n

\"Rwanda\u2019s<\/figure>\n","protected":false},"excerpt":{"rendered":"

Rwanda\u2019s trade deficit soared to US$ 411.62 million in June 2024, reflecting a 30.88% increase compared to June 2023 and a 13.71% rise from May 2024. This expanding deficit underscores the growing disparity between imports and exports, influenced by various factors including fluctuations in domestic exports and escalating imports.<\/p>\n","protected":false},"author":62,"featured_media":2000073561,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[72,75],"byline":[170],"hashtag":[],"class_list":["post-51158","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-featured-news-home","tag-homenews","byline-igihe"],"bylines":[{"id":170,"name":"IGIHE","slug":"igihe","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":8}],"contributors":[{"id":170,"name":"IGIHE","slug":"igihe","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":8}],"featured_image":{"id":2000073561,"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/2-4.jpg","alt":"","caption":"","mime_type":"image\/jpeg","width":0,"height":0,"sizes":{"thumbnail":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/2-4.jpg","width":1,"height":1},"medium":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/2-4.jpg","width":1,"height":1},"medium_large":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/2-4.jpg","width":1,"height":1},"large":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/2-4.jpg","width":1,"height":1},"full":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/2-4.jpg","width":0,"height":0}}},"_links":{"self":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/51158","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/users\/62"}],"replies":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/comments?post=51158"}],"version-history":[{"count":0,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/51158\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/media\/2000073561"}],"wp:attachment":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/media?parent=51158"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/categories?post=51158"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/tags?post=51158"},{"taxonomy":"byline","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/byline?post=51158"},{"taxonomy":"hashtag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/hashtag?post=51158"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}