Rwanda’s trade deficit grows by 2.60 percent in the month of February

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Rwanda’s trade deficit grows by 2.60 percent in the month of February

The country’s trade deficit continued to expand in the month of February growing by 2.60 percent compared to the previous month growing to US$ 107.14 million and 13.92 percent compared to February 2015.

Statistics from National Institute of Statics of Rwanda-NISR show that domestic exports values declined by 7.39 percent on a monthly basis to U$ 27.53 million and 14.49 percent year on year in February 2015 lowering country’s forex exchange.

The statistics body says that most exported goods included other black tea (fermented) and other partly fermented tea, other unwrought gold (incl. gold plated with platinum) – non-monetary, Niobium, vanadium ores, tantalum and concentrates, Coffee, not roasted, Not decaffeinated.

The imports value on the other increased  by 3.35 percent to US$ 149.19 million when compared to January 2016 and  by 9.04 percent on annual basis compared to February 2015, thus creating  a widening gap between export-import difference.

Imports in the month of February included; Machinery for filling, closing, sealing, or labelling bottles, cans, Telephones for cellular networks or for other wireless and  Other Portland cement.

“The re-exports were valued at US$ 14.53 million and included Motor Spirit (gasoline) premium, Gas oil (automotive, light, and amber for high speed engines) Vegetable fats and oils and their fractions, broken rice,” the report read.

The country is still struggling with a widening trade deficit that hurts its Growth Domestic Product-GDP leaving it with no option but spend at least U$3 against in imports U$ 1 dollar in receives in exports.

‘We have put strategies to address this challenge and we expect the deficit to decline,” Said Emmanuel Hategeka, Permanent Secretary in the Ministry of Trade and industry while commenting on the made in Rwanda strategy.

According to the strategy, the country will be able to reduce on the import bill by promoting the production as well as consumption of locally made goods which has also taken momentum.

 

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About the author

Olive Ndaka is the Junior Editor for RwandaEye. An investor and young entrepreneur, she is a quick learner and has contributed many articles for RwandaEye in Kinyarwanda.

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