Rwanda's exports to East Africa declined 2015
Vegetables are one of Rwanda's main export items to East African Community (EAC) countries; last yea…Vegetables are one of Rwanda's main export items to East African Community (EAC) countries; last year, overall, exports to EAC recorded a slight drop, according to official data released on Thursday 18 February.
The exports to EAC fell 10.3 percent to 127.8 million US dollars, down from 142.4 million dollars in 2014, said the country's Central Bank 2015 Monetary Policy and Financial Stability Statement.
The statement, released by the National Bank of Rwanda (BRN), attributed the decline to falling international commodity prices and shrinking exports to Burundi. EAC is made up of Kenya, Uganda, Tanzania and Burundi.
The drop in the country's exports hinders Rwanda's bid to increase exports and achieve its export promotion strategy. Despite the fall in exports, John Rwangombwa, governor BNR, said the "positive side is that the country's exports to EAC are diversified and most are agricultural products."
According to 2015 Monetary Policy and Financial Stability Statement, Rwanda's economy is projected to grow 6.3 percent in 2016.
BNR says last year economic growth was driven by the good performance of the service sector, industry sector and the agriculture sector.