Rédaction Africa Links 24 with Kenyans.co.ke
Published on 2024-03-09 16:37:02
In 2023, Pakistan emerged as one of the top export earners for Kenya, surpassing traditional markets like the United States of America. According to the Monetary Policy Statement report released by the Central Bank of Kenya (CBK), Kenya’s exports to Pakistan in 2023 were estimated at Ksh80 billion (USD560 million), marking an increase from the earnings made in 2022 and 2021. In 2021, exports to Pakistan amounted to Ksh69 billion (USD484 million), while in 2022, the figures rose to Ksh78 billion (USD544 million).
On the other hand, trade with the US recorded a significant drop in 2023. Kenya earned Ksh66 billion (USD461 million) from exports to the US in 2023, compared to Ksh97 billion (USD678 million) in 2022. In 2021, exports to the US were valued at Ksh78 billion (USD543 million). The decline in exports to the US is notable, especially in contrast to the growing trade relationship with Pakistan.
Pakistan has emerged as the biggest market for Kenyan tea in recent years. In 2022, Kenya earned Ksh200 billion from tea exports globally, with Pakistan being the largest contributor to this earnings. The tea industry is a critical component of Kenya’s economy, with the country renowned for its robust, aromatic black teas that are highly sought after worldwide. On the other hand, Kenya’s main exports to the US include clothing, coffee, Macadamia, and tea.
Uganda has maintained its position as the top destination for Kenya’s exports. In 2023, Kenya’s exports to Uganda were valued at Ksh131 billion (USD914 million), marking an increase from the figures in 2022 and 2021. Most notable exports to Uganda include steel products, fuel products, and agricultural products. Meanwhile, exports to Tanzania in 2023 were valued at Ksh70 billion (USD488 million).
The relationship between Kenya and Uganda was highlighted in a meeting between President William Ruto and Ugandan counterpart Yoweri Museveni on February 26, 2024. This meeting underscores the importance of trade partnerships between the two countries and the potential for further growth in export earnings. As Kenya continues to strengthen its trade ties with countries like Pakistan and Uganda, the export sector is poised for continued growth and diversification.
Read the original article on Kenyans.co.ke
