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Rwanda’s exports continue to grow

(Photo credit should read ISSOUF SANOGO/AFP/Getty Images)
Spining

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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