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2022/2023 Quarter II results of agro-exports performance published
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2022/2023 Quarter II results of agro-exports performance published

Press Release: Kigali, February 22, — The National Agricultural Export Development Board (NAEB) released the results of agro-exports for the second quarter of fiscal year 2022/2023 recently. The consolidated report covers data for agricultural commodity production, export quantities, and revenue generated from October through December 2022.

Revenues from the exportation of all agricultural exports totaled USD 260,206,619, indicating a 64.1% increase over the second quarter of fiscal year 2021/2022, when revenues totaled USD 158,538,598.

Traditional commodity export revenues rose by 45.9% to USD 93,043,213 in the second quarter of fiscal year 2022/2023, while non-traditional export commodities increased by 76.3% to USD 167,163,406.

Coffee exports increased by 73%, tea exports increased by 5.9%, while pyrethrum exports declined by 11.4%. Horticulture commodity revenues increased by 84.4%, with vegetable and fruit export values increasing by 175.6% and 76%, respectively. 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 plummeted (24% and 41.8%, respectively).

Export revenues from cereals and grains increased by 67%, accounting for 19.7% of overall agro-export revenues.

The increase in exports and re-exports is related to the current economic recovery, in which most economic activities have resumed, with more mobility of people and goods in the region and outside, enabling for trade at the globe level. Tea, coffee, fruits, and vegetables unit prices are also rising, contributing to the achieved good export performance in comparison to the same period in 2021.

NAEB also released a new farmgate price for cocoons at the start of the same quarter, which increased from Frw 3,040 to Frw 3,200. The price that arrived with the new season of cocoon production helps farmers lessen the challenges that the sector has faced since the Covid-19 pandemic breakout.

NAEB appreciates all stakeholders' contributions to this performance and predicts 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:

"We are glad that the agro-export industry makes a substantial contribution to job creation and retention in addition to other prospects. We will build on this quarter's great performance by exploring for new and inventive methods to keep Rwanda's agribusiness environment adaptive and competitive while piquing the interest of international markets."

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