BUJUMBURA, January 14th (ABP) – Exports remain dominated by coffee according to the note released by the BRB at the end of June 2024 on the evolution of the main economic indicators such as production, prices, foreign trade, the exchange rate, public finances, the money supply and its counterparts as well as the activity and solidarity indicators of the banking sector, at the end of June 2024.
According to the note, the trade balance deficit widened further, settling at BIF 1,299.7 billion at the end of June 2024 against BIF 1,168.3 billion at the same period of 2023. This widening of the deficit is attributable to the increase in the import bill (+10.0%) which is greater than that of exports (+2.1%).
The import coverage rate by exports decreased slightly, standing at 12.2 against 13.1% at the end of June 2023. Exports remain dominated by coffee (17.4%), niobium ores (14.9%), followed by tea (12.6%), cigarettes (8.7%), beers (7.0%), wheat flour (4.8%) and dark glass bottles (3.8%). Compared to the same month of 2023, exports in June 2024 fell both in value (-5.0%) and volume (-34.7%), falling from 32,018.7 to 30,422.9 Bn BIF and from 11,935.7 to 7,795.8 tonnes respectively. The cumulative value of total exports of goods increased by 2.1%, reaching 180,198.1 against 176,558.2 Bn BIF recorded in the same period of 2023. On the other hand, in volume, the cumulative exports decreased by 34.2%, from 79,675.3 to 52,406.8 tonnes in June 2024. In value, the increase in cumulative exports concerned manufactured products (95,229.9 against 86,310.3 Bn BIF) while cumulative exports of primary products fell by 5.9%, reaching 84,968.2 against 90,247.9 Bn BIF in June 2023.
The increase in cumulative exports of manufactured products mainly concerned manufactured products classified under the headings “other” (+64.8%) and cigarettes (+39.8%). On the other hand, the cumulative export value of kerosene and wheat flour fell by 59.9% and 42.2% respectively.
As for exports of primary products, their decline is attributable to the decline in exports of commercial coffee (-45.1%) and tea (-15.6%). However, exports in value of niobium ores increased sharply, from 3,224.7 to 26,863.1 Bn BIF at the end of June 2024. In volume, the decline in cumulative exports is linked to the decrease in the quantity exported of primary products (8,940 against 26,454 tonnes) and manufactured products (43,466 against 53,221 tonnes) in particular dark glass bottles (-52.7%), wheat flour (-36.0%) and beers (-13.4%).
Regarding the decline in the volume of exports of primary products, it is linked to the decrease in the volume exported of commercial coffee (3,108 against 7,078 tonnes) and tea (3,926 against 5,148 tonnes).