The current account improved from a deficit of Sh206.2 billion to Sh138.7 billion from the second quarter of 2022 to the second quarter of 2023.
This was occasioned by a 6.18 percent decline in the merchandise trade deficit and an improvement of 25.6 percent and 28.2 percent in the services account and secondary income surplus respectively.
Goods exported increased by 9.6 percent because of notable increases in exportation of petroleum products, industrial machinery and edible products.
The increase in export value is attributed to an improvement in quantities supplied to the international markets except for tea which recorded a decline in quantities supplied.
In terms of the total share of exports, horticulture, tea, coffee, articles of apparel and clothing took up the largest share.
Notably, the exports value of articles of apparel declined even as the quantities supplied greatly improved.
This is an indication that prices of apparel items from Kenya declined in the global market.
The primary income deficit deteriorated in the period under review by 26.9 percent.