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Sunday, July 23, 2017

Drop in value of imports, exports betters Kenya’s balance of trade position in 2016

Cranes offloading containers at the Port of Mombasa.
Cranes offloading containers at the Port of Mombasa.

The value of imports in 2016 dropped by Sh155.9 billion or 9.2 per cent year-on-year to Sh1.431 trillion, while exports declined by a marginal Sh3.1 billion to Sh578.1 billion, official data showed yesterday.

“This led to improvement in balance of trade from Sh996.5 billion in 2015 to Sh853.7 billion, in 2016,” the Kenya National Bureau of Statistics said in the Economic Survey 2017. Similarly, the export to import ratio improved from 36.8 per cent to 40.4 per cent over the same period.

Tea, horticulture, coffee, articles of apparel and clothing accessories were the leading export earners, accounting for 56.7 per cent of the total domestic exports during the review period. Africa remained the leading destination of Kenya’s exports accounting for 40.6 per cent of total exports in 2016.

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