Rwanda’s exports continue to grow

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Workers unload bags of rice on January 19, 2011 at the Port of Abidjan where 80% of Ivory Coast's exports transit. EU-registered ships have been barred from dealing with Ivory Coast's main cocoa ports in line with sanctions over the nation's controversial November presidential poll. The European Union last weekend slapped sanctions on outcast incumbent leader Laurent Gbagbo and 84 of his associates, as well as 11 economic entities in the world's top cocoa producer. AFP PHOTO/ ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)
(Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

Rwanda’s exports grew 37.2 percent in the first six months of this year, the National Bank of Rwanda, the country’s central bank, said Thursday.

Merchandise exports grew 37.2 percent in the first half of 2022, compared to 46.4 percent in the first half of 2021, which was attributable to the good performance of exports of manufactured goods, rising global commodity prices and continued strong demand for re-exports, said John Rwangombwa, Rwanda’s central bank governor, while presenting the Monetary Policy and Financial Stability Statement in Kigali, the Rwandan capital.

Imports also grew 22.5 percent in the same period, compared to 13.8 percent in the first half of 2021, due to the recovery of the domestic economy, rising international commodity prices mostly oil and food prices, he said.

The agriculture sector, however, recorded poor performance, mainly due to unfavorable weather conditions, leading to a bad harvest for the 2022 agricultural season as well as less use of inputs like fertilizers due to global shocks, according to the central bank.

Rwanda’s economy grew 7.7 percent in the first six months of the year, compared to 11.6 percent recorded in the corresponding period of 2021, according to the central bank.

The activities that contributed to the growth included the strong performance of the industry and services sectors. Rwanda’s economy is projected to grow at 6 percent this year. Enditem

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