NAIROBI (Xinhua) --
Kenya plans to diversify its exports products
in order to reduce its trade imbalance, a government official
said on Wednesday.
Secretary in the Ministry of Industry, Trade and Cooperatives
Dr Chris Kiptoo told a media briefing in Nairobi that the
country’s export product base remains narrow with the top five
products accounting for 52 percent of total exports in 2016.
“Kenya needs to
increase the number of products its sells globally in order to
reduce its trade deficit and enhance its foreign exchange
earnings,” Kiptoo said during the launch of the National
Export Development and Promotion Strategy for Kenya 2017-2022.
The strategy aims
to spur growth and transform the performance of the trade
The country’s main
exports include tea, horticulture, coffee, titanium, textile
and apparels while major imports include petroleum products,
capital goods and chemical fertilizers.
Although the value
of Kenya’s exports has increased from four billion U.S.
dollars in 2010 to 5.78 billion dollars, it has been marked by
major oscillations in the last five years.
indicates that the value of imports has increased from 7.8
billion dollars in 2010 to 14.3 billion dollar last year.
Kiptoo noted that
the balance of trade has continually registered a deficit that
has on average widened by an annual average of 11.4 percent.
He said that the
country’s export markets are also relatively concentrated and
in need of diversification.
“In fact ten
countries accounted for 61 percent of exports, while five out
of the top ten markets were in Africa,” he added.