Rwanda’s trade deficit in goods expanded to $472.66 million in July 2024, marking a 14.83 percent increase from June 2024 and a 49.88 percent rise compared to July 2023. This widening deficit was driven by a significant rise in both exports and imports, according to data from the National Institute of Statistics of Rwanda.
Domestic exports in July saw a 36.14 percent increase from June and a substantial 79.91 percent jump from July 2023. Key contributors to this growth included crude materials, which rose by 31.06 percent month-over-month and 43.97 percent year-over-year, and animal and vegetable oils, fats, and waxes, which surged by 64.23 percent from June and 238.55 percent from the previous year.
However, some sectors experienced declines, such as beverages and tobacco, down 77.1 percent from June and 82.32 percent from July 2023, and mineral fuels, lubricants, and related materials, which fell 19.6 percent month-over-month and 69.22 percent year-over-year.
The “other commodities and transactions” category showed notable strength, with exports rising 55.85 percent from June and 123.14 percent year-over-year.
On the import side, Rwanda saw a 20 percent increase in July compared to the previous month and a 52.8 percent rise year-over-year. Imports of machinery and transport equipment grew modestly by 2.94 percent from June and 29.11 percent compared to July 2023, while imports of “other commodities and transactions” saw a sharp 99.87 percent month-over-month increase and a 165.19 percent jump year-over-year. These figures underline the continued demand for imported goods, which contributed significantly to the widening trade deficit.
Re-export values also rose in July, increasing by 9.17 percent from June and 8.35 percent year-over-year, indicating sustained activity in cross-border trade despite the broader trade imbalance.
