Rwanda collected $122.12 million (Frw66.3 billion) of export revenue in the first half of 2008 compared to $79.57 million (Frw43.1 billion) in the same period last year, according to Central Bank statistics.

The 53.5 per cent increase in export value is attributed to the performance of mining, coffee, and tea sectors which accounted for 39.8 per cent, 9.8 per cent and 18.3 per cent of the total export value respectively, said Central Bank Governor François Kanimba, in the monetary policy statement presented to the business community on Monday.

Kanimba explained that in the first half of 2008, coffee fetched $12 million (Frw6.6 billion), tea $22.4 million (Frw12.2 billion), and cassiterite (tins) $22.3 million (Frw12.1 billion).

Some products however registered a fall in the export value with pyrethrum performing poorly by recording only $400,000 (Frw218.3 million) from $1.8 million (Frw982.4 million) in the same period last year.

Hides and skins also decreased in exports going from $1.8 million (Frw982.4 million) to $1.6 million (Frw873.2 million) this year. 

The country’s export volume increased by 293.8 per cent to 64,554 tonnes from 16,394 tonnes in the same period last year, the financial statement said.

However Rwanda’s economy is still heavily dependent on imports which have also significantly risen in volume  and value, Kanimba said in his statement.

The value of imports in the first half of this year rose by 56 per cent from $311.1 million (Frw169.78 billion) while the volume increased by 4.3 per cent from 371,943 tonnes in the same period last year.

The country spent $485.4 million (Frw265 billion) on capital goods, energy, consumer goods and intermediate goods.

Kanimba said the import value increase is because of the increase in import prices, especially for the equipment goods which increased by 68.2 per cent, and 56 per cent for consumption goods. Fuel increased by 31.3 per cent and intermediate goods 24.6 per cent.

While imports grew in value, their volume grew by just 4.3 per cent, essentially due to the decrease by 30.1 per cent of food import volume.

In the first semester of 2008, total import volumes was 388,077 tonnes compared to 371,943 tonnes in the same period last year.

He noted that total government expenditure amounted to Frw267.4 billion in the first semester. The expenditure target was Frw268.1 billion for the period.

Capital expenditure was slightly above the target by 23 per cent, increasing from Frw99.2 billion in 2007.

On the side of revenue collection, Kanimba said that there was over performance by 11.9 per cent compared with the target.

The tax revenue amounted to Frw161.1 billion far beyond the target of Frw143.9 billion and Frw19.6 billion above the performance for the corresponding period in 2007.

Ends