RWANDA – The Rwandese revenues from all agricultural exports for the second quarter of the fiscal year 2022/2023 have recorded a 64.1% increase, according to the National Agricultural Export Development Board (NAEB) report.
Export revenues from cereals and grains recorded an increase of 67% and accounted for 19.7% of the overall agro-export revenues, owing to the ongoing economic recovery, NAEB noted.
According to NAEB, the consolidated report covers data for agricultural commodity production, export quantities, and revenue generated from October through December 2022.
From the results, total revenue totaled US$ 260,206,619, indicating a 64.1% increase over the second quarter of the fiscal year 2021/2022, when revenues were US$ 158,538,598.
In addition, traditional commodity export revenues rose by 45.9% to US$ 93,043,213 in the second quarter of the fiscal year 2022/2023, while non-traditional export commodities increased by 76.3% to US$ 167,163,406.
NAEB related the increase in exports to the current economic recovery, in which most economic activities have resumed, increasing the mobility of people and goods enabling trade at the global level.
Coffee exports increased by 73%, tea exports increased by 5.9%, while pyrethrum exports declined by 11.4%. Moreover, horticulture commodity revenues increased by 84.4%, with vegetable and fruit export values increasing by 175.6% and 76%, respectively.
The report further reports the positive results in the fresh foods such as tea, coffee, fruits, and vegetable correspond to rising in unit prices, contributing to the achieved good export performance in comparison to the same period in 2021.
However, as a result of the ongoing political conflict between Russia and Ukraine, both of which are important buyers of flowers, flower export volumes, and revenues have plunged (24% and 41.8%, respectively).
In the report, NAEB appreciated all stakeholders’ contributions to this performance and predicted continued growth in the agricultural export market as the global economy continues to open up.
NAEB’s Chief Executive Officer, Claude BIZIMANA, commented on the quarterly performance applauding the agro-export industry for a substantial contribution to job creation and retention in addition to other prospects.
‘We will build on this quarter’s great performance by exploring new and inventive methods to keep Rwanda’s agribusiness environment adaptive and competitive while piquing the interest of international markets” he added.