Kenya's earnings from exports grew by 15.4 per cent in 2023 to hit Sh1 trillion for the first time in history.
Data from the 2024 Economic Survey released on Monday in Nairobi ranks tea as Kenya's top export earner for the year, bringing in Sh188.7 billion followed by horticulture at Sh187.4 billion.
Other sectors that contributed heavily to Kenya's export earnings include apparel and clothing at Sh45.5 billion, coffee at Sh34.6 billion iron and steel earned Kenya at Sh32.3 billion in the year ended June 30, 2023.
Even so, imported goods worth Sh2.6 trillion, a 4.9 per cent increase compared to the previous financial year, slightly narrowing the trade balance to Sh1.6 trillion from Sh1.6 trillion in 2022.
Even so, the country's export-import cover ratio improved from 35.1 per cent to 38.6 per cent, demonstrating President William Ruto's effort to cut dependency on imports.
Petroleum products took the lion's share of Kenya's imports at Sh606 billion followed by industrial machinery at Sh289.8 billion. Others are animal and vegetable oils at Sh139.1 billion.
Uganda remains Kenya's top export market, buying goods worth Sh126.3 billion in 2023 followed by Pakistan, the country's top tea export market at Sh78.9 billion.
The Netherlands came third for horticultural exports at Sh76.3 billion while Tanzania and USA bought goods worth Sh69.3 billion and Sh64.3 billion respectively.
China remains the country's top import country at Sh459 billion followed by UAE at Sh411.5 billion. Other top markets are India at Sh269.2 billion, Saudi Arabia at Sh145.2 billion and Malaysia at Sh120.5 billion.
