Kenya’s earnings from horticulture rose 40 percent in the third quarter as compared to a similar period last year on increased export volumes as the East African nation cashed in on rising demand, the Central Bank of Kenya (CBK) said in a new economic report released Tuesday.
The country earned 39.3 billion Kenyan shillings (about 258.4 million U.S. dollars) after exporting 209,860 metric tons of produce during the July-September period, an increase from 184 million dollars from 132,956 metric tons in a similar period in 2022, the apex bank said.
In the first quarter of 2023, Kenya earned 213 million dollars, and in the second, 242 million dollars.
The exports have been on a rebound since the second quarter, and the increase in the third quarter points to sustained growth, which will see Kenya register record earnings this year after 2022 when the country earned 1.05 billion dollars.
Besides an increase in export volumes, earnings have also been boosted by a stronger dollar amid the weakening of the shilling, which has made exporting firms increase their income.
Kenya’s main horticulture exports are fruits, vegetables, and cut flowers.
Besides tourism, horticulture is one of Kenya’s main sources of foreign exchange.