The increased sales of tea, coffee as well as horticultural products have made the exports Kenya is making to international trade partners to grow fast for the last 8 months.
According to official data, Kenya exported goods worth 481 billion shillings between the month of January and October. This was an increase from the goods worth 367 billion shillings during the same period last year.
Kenya earned 97 billion shillings from the export of tea which is also the top foreign exchange earner this year as compared to the 77.9 billion shillings last year same period.
Flowers earned the country 52.5 billion shillings being an increase of 2.3 billion shillings, coffee brought in 18 billion shillings with an increase of 1.2 billion shillings and vegetables brought in 16 billion shillings with an increase of 1.2 billion shillings as per the data available at the Kenya National Bureau of Statistics.
During the better part of this year, the shilling traded at a monthly average of between 91.36 shillings and 105.26 against the dollar in the ten months from January to October while at the same period last year, the shilling traded at an average of 86.21 shillings and 89.23 shillings against the dollar.
As the exports increased, according to the data at KNBS, the import bill dropped by 4.4 percent to 1.2 trillion and this was as a result of the prevailing low oil prices.
The current account deficit of Kenya was at 719 billion shillings as at the month of October compared to the 933 billion shillings the same time last year.
The products from Kenya have been enjoying a preferential access to the European Union under the Economic Partnership Agreement (EPA) which gives a waiver to customs duty on the exports.
The export of food and beverage increased by 26 billion shillings to 183 billion shillings while industrial supplies remained at 105 billion shillings.
Article by Juma Fred.