By Ebi Kesiena
Kenya’s export earnings surged by 15.4%, reaching an unprecedented Sh1 trillion for the first time in the nation’s history.
According to the 2024 Economic Survey released on Monday in Nairobi, tea remains Kenya’s top export earner, generating Sh188.7 billion. Horticulture followed closely with earnings of Sh187.4 billion.
Significant contributions to the export revenue also came from apparel and clothing at Sh45.5 billion, coffee at Sh34.6 billion, iron and steel which brought in Sh32.3 billion in the fiscal year ending June 30, 2023.
Despite this growth, Kenya imported goods worth Sh2.6 trillion, marking a 4.9% increase compared to the previous financial year. This resulted in a trade balance of Sh1.6 trillion, slightly improved from the previous year’s deficit. Notably, the export-import cover ratio enhanced from 35.1% to 38.6%, reflecting President William Ruto’s efforts to reduce the country’s dependency on imports.
Petroleum products dominated Kenya’s imports, amounting to Sh606 billion, followed by industrial machinery at Sh289.8 billion, animal and vegetable oils at Sh139.1 billion.
Uganda continued to be Kenya’s largest export market, purchasing goods worth Sh126.3 billion in 2023. Pakistan, the top market for Kenyan tea, imported goods worth Sh78.9 billion. The Netherlands ranked third, primarily importing horticultural products valued at Sh76.3 billion. Tanzania and the USA bought Kenyan goods worth Sh69.3 billion and Sh64.3 billion, respectively.
On the import side, China remained Kenya’s leading source, with imports totaling Sh459 billion. The UAE followed with Sh411.5 billion, while other significant import partners included India at Sh269.2 billion, Saudi Arabia at Sh145.2 billion, and Malaysia at Sh120.5 billion.
