Rwanda’s trade deficit in formal goods surged to $411.62 million in June 2024, reflecting a significant 13.71 percent increase from May 2024 and a notable 30.88 percent rise compared to June 2023, The statistics agency said in a report on its website.
Domestic export values saw a substantial decline of 21.24 percent in June 2024, dropping to $169.58 million from the previous month. This decline represents a slight decrease of 0.21 percent when compared to June 2023. The decrease in domestic exports has been a primary driver of the widening trade deficit, indicating potential issues in Rwanda’s export sector that may need to be addressed to stabilize the trade balance.
On the other hand, import values showed a modest growth of 0.13 percent compared to May 2024 and an 18.39 percent increase year-on-year. The steady rise in imports further exacerbates the trade deficit, as the country continues to rely heavily on imported goods. This trend underscores the need for strategies to boost domestic production and reduce dependency on imports.
Re-export values in June 2024 also presented a mixed picture, decreasing by 5.21 percent from the previous month but increasing by 4.15 percent compared to June 2023. The decline in month-on-month re-exports suggests short-term volatility, while the year-on-year growth indicates a positive long-term trend. Strengthening the re-export sector could offer some relief to the overall trade deficit by generating additional revenue streams.
https://statistics.gov.rw/publication/2166
