Exports up 43 percent

Rwanda’s exports grew by over 43 percent from July 2010 to June this year, fetching a significant Rwf181bn equivalent to ($305m), latest figures indicate. The figures released yesterday during a joint sector review indicate that traditional exports which are coffee and tea account for 76 percent. According to Central Bank data, minerals fetched $117m, coffee $55m, tea $59m and pyrethrum $3.4m. Volumes of coffee production for the calendar year 2011 are expected to increase by 14 percent compared to 2010. Francois Kanimba, the Minister of Trade and Industry said the period under review has been great with the Rwandan economy recording a growth rate between 7 and 8 percent. “We benefited from favorable international prices and Rwanda still continues to safeguard its macroeconomic stability which is one of critical incentives to promote private investments,” Kanimba said. Gross domestic investments reached 22 percent of the Gross Domestic Product (GDP) up from 16 percent in five yrs ago though still low compared to EDPRS target of 24 percent. Imports have increased 26.5percent mainly due to energy costs. To increase exports government established the National Export Strategy, which is being implemented by Rwanda Development Board and other stakeholders. Ruth Mukabaranga who represented the private sector during the review said such initiatives (joint sector review) help to evaluate the progress of national strategy policies like EDPRS and vision 2020. Rwanda Development Board is focusing on promoting product development and marketing of products for 10 high value export enterprises, increasing their total value of exports by 50 percent for the period accessed. RDB also plans to further increase exports through helping traders access new markets through the Business Process Outsourcing (BPO) strategy which has been completed. Ends