Kenya reduces trade deficit in second quarter

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Trade

Kenya reduced its trade deficit in the second quarter of this year after posting 397.8 billion shillings (about 2.68 billion U.S. dollars) from 2.89 billion dollars recorded for a similar period in 2022, the government statistics agency said Thursday.

Kenya National Bureau of Statistics (KNBS) said that the improved international trade performance was occasioned by a 9.6 percent increase in exports coupled with a 1.6 percent decrease in import expenditure. “The growth in exports was largely supported by increased domestic exports of tea, horticulture, coffee, and iron and steel in the quarter under review.”

The KNBS said that the decline in import expenditure over the same period was primarily due to a decrease in imports of petroleum products, iron and steel, industrial machinery, and animal and vegetable oils.

In the second quarter, total exports amounted to 1.67 billion dollars, out of which the African continent contributed 700 million dollars, the KNBS said, adding that Uganda, the Democratic Republic of the Congo, South Sudan and Somalia were some of the best markets for Kenya’s goods.

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