Kenya’s foreign trade deficit narrowed 7% y/y to KES737bn ($7.2bn) for the first nine months of 2015, mainly thanks to lower costs of imported fuel and lubricants, data from the Kenya National Bureau of Statistics (KNBS) showed.
Kenya has seen a growth in imports, especially equipment and machinery, related to the stepped up rollout of infrastructure and energy projects. This, together with lower income from the country’s key exports such as tea, coffee and cut flowers, coupled with a decline in tourism earnings due to rise in insecurity have led to a widening of its current account gap to 4.5% of GDP in the first half of 2015 from 3.1% in the same period last year.
The country’s exports rose 5.0% y/y to KES429.3bn in January-September, while imports fell 2.9% y/y to KES1.17trn.
In September alone, the trade gap was KES88.8mn, 25.7% larger than in August, as exports dropped 9.3%, while imports rose 10.4%. In September 2014, the country reported a foreign trade shortfall of KES119.5mn. Exports of food and beverages accounted for 48% of its total exports in September, up from 43.7% a year earlier.
Uganda was Kenya’s main export market in September, with a share of 9.5%, followed by Pakistan with 7.0%, the UK with 6.7%, and the US with 6.4%. China was the main importer into the East African country with a 25.7% share of total imports, followed by India (17.3%), and Japan (5.7%).
|External trade, KES bn||Sep-15||Aug-15||Sep-14||Jan-Sep 2015||Jan-Sep 2014|
|Total imports||138.7||125.7||159.9||1 166.3||1 201.2|
Russia's largest oil producer state-controlled Rosneft has acquired 30% in the largest natural gas field in the Mediterranean from Italian Eni, the company announced on October 9. Rosneft that ... more
South Africa's national oil company PetroSA and Rosgeo, the geological exploration company of the Russian Federation, have signed an agreement on a $400mn oil and gas development project in South ... more
South Africa’s MTN said it has agreed, on a non-binding and preliminary basis, to invest an initial $350mn into Iranian fixed broadband provider Iranian Net. The investment will give ... more