The National Institute of Statistics of Rwanda (NISR) has published its December 2024 Formal External Trade in Goods report, revealing a remarkable improvement in the country’s trade balance.
The trade deficit declined significantly by 45.08% compared to November 2024 and by 63.46% year-on-year.
The trade deficit stood at US$ 134.69 million, demonstrating a substantial recovery from previous periods.
This improvement was primarily driven by a steady increase in exports and a notable decline in imports.
Rwanda’s total exports reached US$ 310.32 million in December 2024, reflecting a slight month-on-month increase of 0.03% but an impressive 47.83% rise compared to December 2023.
Domestic exports accounted for US$ 253.66 million, marking a 58.58% increase year-on-year.
Key export segments included; Food and live animals with US$ 32.53 million (up 14.05% from November 2024), Beverages and tobacco: US$ 0.06 million (up 144.87% from November but down 62.53% from December 2023), Crude materials, inedible (excluding fuels): US$ 21.38 million (up 18.57% year-on-year), and Other commodities & transactions, n.e.s. which generated US$ 172.69 million (up 97.31% from December 2023).
Imports fell to US$ 445.01 million, decreasing by 19.89% from November 2024 and by 23.08% from December 2023. This reduction played a crucial role in narrowing the trade deficit.
Key import categories included; Food and live animals: US$ 86.86 million (-29.09% year-on-year), Mineral fuels and lubricants: US$ 58.57 million (up 10.14% year-on-year), Manufactured goods: US$ 72.58 million (-18.34% year-on-year), and Machinery and transport equipment: US$ 86.11 million (-15.39% year-on-year).
Re-exports stood at US$ 56.66 million, showing a 4.31% decline from November 2024 but a 13.40% increase from December 2023.
The Democratic Republic of Congo remained the top destination, accounting for 95.96% of Rwanda’s re-exports.
Key Markets for Rwanda
The United Arab Emirates was Rwanda’s largest export partner, with shipments totaling US$ 176.15 million (69.45% of total exports), followed by the Democratic Republic of Congo (US$ 23.47 million) and China (US$ 9.51 million).
On the import side, China was the leading supplier, accounting for US$ 132.03 million (29.67% of total imports), followed by Tanzania and India.
Land transport remained the primary mode for both imports and exports. Of the total traded goods, land transport accounted for US$ 452.38 million in imports and US$ 409.45 million in exports.
Air transport, though significantly lower, facilitated US$ 126.14 million in exports.
