Kenya’s whole exports up 11.9pc to hit Ksh 1.05T in October
Kenya has registered 11.9pc progress in whole exports in 12 months to October this 12 months to succeed in Ksh 1.05 trillion ($8.14b), new knowledge by the central financial institution reveals.
According to the Central Bank of Kenya (CBK), the expansion in exports from Ksh 938 billion registered over the identical interval final 12 months was supported by a sharper rise in re-exports which elevated by 78pc, from Ksh 92.9 billion reported final 12 months to Ksh 165.5 billion.
The nation’s earnings from exports additionally grew by 15pc between January and October 2024 rising to Ksh 902.7 billion in comparison with Ksh 785 billion reported over the identical interval final 12 months.
“This was driven by export of agricultural commodities and re-exports,” mentioned Dr Kamau Thugge.
He added, “This year we are doing much better than last year and therefore expect that the overall exports performance would be 11.6pc higher than in 2023.”
The progress in export earnings was additionally pushed by a 4.7pc restoration witnessed in home export quantity to Ksh 877.6 billion from Ksh 838.5 billion reported in 2023.
The improve in home exports was majorly pushed by larger exports in commodities and transactions, mineral fuels, animal and vegetable oils, and miscellaneous manufactured articles which elevated by 37.3pc, 33.8pc, 31.6pc and 18.3pc respectively.
The knowledge reveals that recent greens exporters recorded the best progress in earnings in the course of the twelve month interval to October 2024. Earnings rose by 29.4pc to succeed in Ksh 35 billion in comparison with Ksh 27 billion they earned final 12 months.
During the interval, exporters of clothes and accessories additionally noticed their earnings rise by 19.7pc to succeed in Ksh 51.5 billion from Ksh 43 billion reported final 12 months.
Imports then again registered a 7.9pc improve in the course of the twelve months interval to October this 12 months, reaching Ksh 2.4 trillion from Ksh 2.2 trillion final 12 months on account of upper imports of intermediate and capital items.
The central financial institution expects steady enchancment in exports particularly of agricultural commodities, resilient remittances, commerce and funding initiatives, and restoration in imports supported by a secure alternate price to stabilize the present account deficit at 4pc between 2024 and 2025. The present account deficit was 3.8pc of GDP within the 12 months to October this 12 months.
