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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Kenyan exports have declined by 2.9 percent during 2016 

NAIROBI (Xinhua) -- Kenya’s exports in 2016 declined by 2.9 percent as compared to 2015 to hit 5.611 billion U.S. dollars, official data released on Wednesday shows.

According to the 2017 Economic Survey, the marginal drop in exports was attributed to a 12 percent drop in re-exports.

“The decline in re-exports was attributed to a contraction in the re-exports of petroleum and manufactured articles into the East African region,” says the survey.

The economic survey provides detailed information on socio-economic indicators in agriculture, environment and natural resources, manufacturing, public finance, Transport, building and construction sectors for 2016.

Tea, horticulture, textile and apparel, coffee emerged as the leading export earners jointly accounting for 56.7 percent of total exports.

Total imports also reduced from 15.3 billion dollars in 2015, to hit 13.89 billion dollars in 2016 largely as a result of lower international oil prices as well as reduced transport equipment acquisitions.

The findings showed that improved export unit prices of manufactured goods coupled with declined unit prices of mineral fuels resulted in a reduced trade deficit.

Africa maintained its lead as the largest destination of Kenya exports, absorbing 40.6 percent of all exports, while Europe and Asia accounted for 24.5 percent and 24.3 percent respectively.

The East African Community trading bloc accounted for approximately half of total exports to Africa.

The 2017 economic survey showed that main source of imports was Asia which accounted for 66.8 percent of all import merchandise.

Imports from Asia also consisted of equipment and material for the construction of the Standard Gauge Railway.

             

 

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