The value of Rwandan exports increased by 39.4 per cent in 2022, according to figures presented to parliament on Wednesday, February 2023 by the Minister of Finance and Economic Planning, Uzziel Ndagijimana.

He said this while presenting the mid-term budget review for the financial year 2022-2023 which is expected to last until the end of June.

ALSO READ: REVISED BUDGET: Govt spending increases by Rwf106bn

The good performance for Rwanda’s export base was mainly driven by the increase in volume in what the country exported between January and November 2022 and good market prices on the international market for the country’s major exports.

ALSO READ: Food prices expected to go down - Ndagijimana

For instance, the value for Rwanda’s coffee exports increased by 40 per cent while the value of minerals grew by over 42 per cent. Similarly, the value for tea increased by over 7 per cent, according to the minister.

ALSO READ: Rwanda’s coffee exports to UAE set to grow

Meanwhile, Rwanda’s imports increased by 27 per cent and according to Ndagijimana, this increase was mainly driven by petroleum products, foodstuffs and industrial materials, an increase that was also attributed to the increase in volume of imports and increase in prices on the international market.

The trade deficit between January-November 2022 increased by 19.9 per cent to $2.3 billion from $1.9bn recorded during the same period the previous year.

Trade deficit is the value of trade volume that a country imports against what is exported.