{"id":52145,"date":"2024-12-07T10:27:37","date_gmt":"2024-12-07T10:27:37","guid":{"rendered":"https:\/\/new.igihe.com\/rwanda-s-trade-deficit-rises-by-11-in-october-2024\/"},"modified":"2024-12-07T10:27:33","modified_gmt":"2024-12-07T10:27:33","slug":"rwanda-s-trade-deficit-rises-by-11-in-october-2024","status":"publish","type":"post","link":"https:\/\/new.igihe.com\/english\/rwanda-s-trade-deficit-rises-by-11-in-october-2024\/","title":{"rendered":"Rwanda’s trade deficit rises by 11% in October 2024"},"content":{"rendered":"

The latest formal external trade in goods report revealed a 15.7% decrease in the value of Rwanda\u2019s domestic exports in October 2024 compared to September 2024. However, exports grew by 61.8% compared to October 2023.<\/p>\n

By October 2024, the trade deficit stood at $363 million, driven by a 23.9% increase in the value of imports compared to October 2023.<\/p>\n

Key imports included machinery and transport equipment worth over $103 million and manufactured goods valued at $100 million.<\/p>\n

Overall, imports rose from $507.9 million in October 2023 to $629.7 million in October 2024, marking a 23.9% increase.<\/p>\n

The Governor of the National Bank of Rwanda recently told the Parliament that the growing import bill is worsening the trade deficit due to declining prices for Rwanda\u2019s key exports.<\/p>\n

\u201cOur main exports\u2014minerals, coffee, and tea\u2014have experienced price drops, reducing foreign earnings. This has widened the trade deficit, affecting the foreign exchange market,\u201d he said.<\/p>\n

Governor Rwangombwa explained that the demand for foreign currency needed for imports has increased, while export earnings have declined.<\/p>\n

He noted that reducing the trade deficit would require favorable conditions, such as discovering high-value minerals, but emphasized that addressing the trade imbalance would take time due to the changing dynamics of the global economy.<\/p>\n

The Government’s development plan targets a 13% annual growth in exports and aims to boost private sector investment from $2.2 billion to $4.6 billion by 2029.<\/p>\n

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

The National Institute of Statistics of Rwanda (NISR) has reported an 11.89% increase in the country\u2019s trade deficit in October 2024 compared to the same month in 2023.<\/p>\n","protected":false},"author":62,"featured_media":2000078210,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[75],"byline":[170],"hashtag":[],"class_list":["post-52145","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","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":2000078210,"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/avoka-5-043d3.jpg","alt":"","caption":"","mime_type":"image\/jpeg","width":0,"height":0,"sizes":{"thumbnail":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/avoka-5-043d3.jpg","width":1,"height":1},"medium":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/avoka-5-043d3.jpg","width":1,"height":1},"medium_large":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/avoka-5-043d3.jpg","width":1,"height":1},"large":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/avoka-5-043d3.jpg","width":1,"height":1},"full":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/avoka-5-043d3.jpg","width":0,"height":0}}},"_links":{"self":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/52145","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=52145"}],"version-history":[{"count":0,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/52145\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/media\/2000078210"}],"wp:attachment":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/media?parent=52145"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/categories?post=52145"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/tags?post=52145"},{"taxonomy":"byline","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/byline?post=52145"},{"taxonomy":"hashtag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/hashtag?post=52145"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}