Coastweek - The most from the coast


THE MOST FROM THE COAST !

..


 Coastweek website


XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Kenya to diversify exports to reduce trade deficit

NAIROBI (Xinhua) -- Kenya plans to diversify its exports products in order to reduce its trade imbalance, a government official said on Wednesday.

Principal 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 sector significantly.

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.

Government data 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.

             

 

Remember: you read it first at coastweek.com !


 

TO ADVERTISE ON THIS WEB SITE:  www.coastweek.com
Please contact

MOMBASA - GULSHAN JIVRAJ, Mobile: 0722 775164 Tel: (+254) (41) 2230130 /
Wireless: 020 3549187 e-mail: info@coastweek.com

NAIROBI - ANJUM H. ASODIA, Mobile: 0733 775446 Tel: (+254) (020) 3744459
e-mail: anjum@asodia.co.ke

 
    © Coastweek Newspapers Limited               Tel: (+254) (41) 2230130  |  Wireless: 020 3549187  |  E-mail: info@coastweek.com