CEMENT MANUFACTURING IN RWANDA

About Rwanda • Rwanda has seen an increasing share of mining exports such as coltan (tantalite) and tin • These have started surpassing traditional exports like coffee and tea • Despite this, Rwanda continues to record a trade deficit of over $1.3 billion • The country's balance of payments is driven largely by the merchandise trade account as well as transfers (predominantly donor) • In 2014, Rwanda recorded a current account deficit of ~10.5% of GDP • This is expected to stabilise to ~4% of GDP in the medium term ⚫ The deficit is expected to be comfortably financed by FDI, however the country's narrow export base and reliance on aid-flows does make it susceptible to external shocks ⚫ Fitch and S&P both have the country's credit rating at B+ with stable outlook 700 000 000 600 000 000 500 000 000 400 000 000 300 000 000 200 000 000 100 000 000 160 000 000 140 000 000 120 000 000 100 000 000 80 000 000 60 000 000 40 000 000 20 000 000 CIMERWA Imports (USD), 2013/2014 Food products Consumer Industrial Construction Goods Products Materials Fuel Capital Goods 2013 2014 Exports (USD), 2013/2014 Coffee Tea Cassiterite (Tin) Coltan Other 2013 2014 6 Source: NKC Research, Rwanda Development Board, National Bank of Rwanda

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