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Rwanda’s formal trade with EAC records 16.2 percent deficit

Published on September 08, 2015

The country’s formal trade with its peers in the East African community continued to register a trade deficit in the first half of 2015 as a result of an increase in import receipts and a decline in exports value.

In the first six months of 2015, the trade deficit widened by 16.2 percent to $188.85 million in the first half of 2015 from $ 162.46 in the same period in 2014.

The widening deficit according to Thomas Kigabo, Chief Economist at Central Bank is due imports increasing by 1.4 percent and export receipts declining by 26.8 percent in the first half of 2015.

“The appreciation of our currency against other regional currencies made goods from our neighbors in East Africa relatively cheaper,” he said while speaking to this website.

Accordingly, imports that include cement, refined and no refined palm oil and other cooking oils, sugar, vegetable fats, and clothing increased to $ 251.38 million in the first half of 2015 from $247.97 million in the same period 2014. Read more. Source | Rwanda Eye