Rwanda’s mineral exports generated $683 million (about Rwf740 billion), an increase of 52.3 per cent compared to $448 million (about Rwf486 billion), in the January-November 2022 period, according to formal trade data from the National Bank of Rwanda (NBR) and the Ministry of Finance and Economic Planning.
Gold raked in $488 million – equivalent to 71.5 per cent of the total mineral revenues – in the period January-November 2022, which is a rise of 55.5 per cent compared to $314 million in the same period of the previous year.
For quantity, eight tonnes of gold were exported in 2022 which is higher than six tonnes that was exported in 2021.
The New Times got the data on Thursday, February 09, while the Parliamentary Committee on National Budget and Patrimony was analysing the 2022/23 revised budget bill, which was presented to parliament by Finance and Economic Planning Minister, Uzziel Ndagijimana.
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According to information from the Ministry of Finance and Economic Planning, the positive growth observed in the export of gold is consistent with the increase of imported and re-exported volumes of gold, following a 2.8 per cent increase in its price on the international market.
The 3Ts – which stand for Tin (cassiterite), tungsten (wolframite), and tantalum (coltan), generated $186.3 million as Rwanda exported 7,844 tonnes in the period January-November 2022, representing a 42.2 per cent increase in value compared to 131 million when 6,235 tonnes were exported in the same 11-month period of the previous year.
Considering this data, the volume of exported 3Ts minerals went up by 25.8 per cent, which means that the prices of minerals increased in 2022 as the value grew at a higher rate than the quantity of exports.
Other minerals (not specified), generated $7.9 million, which is more than double the $3 million that they had fetched in the previous year.
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Minister Ndagijimana told parliamentarians on Wednesday, February 8 that, overall, Rwanda’s export revenues rose by 39.4 per cent from January to November 2022 compared to the same period of 2021.
Figures from NBR and the Ministry of Finance and Economic Planning, indicate that Rwanda’s total export revenues amount to over $1,762 million in January-November 2022, up from over $1,264 million in the 2021 period.
"The high increase of the value of our exports was due to the 19.1 per cent rise in their volume, and the increase in their prices at the international market: prices of coffee went up by 40.4 per cent,while those of coffee grew by 7.9 per cent. The value of exported minerals [3Ts] jumped by 42.2 per cent,” Ndagijimana said.