@TheStar

Kenya’s trade deficit up 31 per cent - Data

11 months ago, 2 Jan 10:17

By: Cynthia Ilako @la ...

Increased need for food and petroleum products in the country has worsened the country’s trade deficit which widened by 31.1 per cent in the third quarter of 2017 to hit Sh306 billion. Data by the Kenya National Bureau of Statistics show that Kenya’s import bill rose by 20.3 per cent to Sh450.9 billion during the review period. This is a relatively faster rate in comparison to the value of total exports which grew 2.76 per cent to Sh145 billion. A trade deficit, also known as the current account deficit, means the value of imports is greater than the value of exports. “This was mainly on account of increased imports valued on free on board basis that was driven by growth in the import bill of food and petroleum products in the third quarter of 2017,” KNBS said in its quarterly balance of payment report for third quarter 2017. Reeling in from the effects of a drought that prolonged to the first quarter of 2017, the government authorised duty-free maize imports from May 2017 under a Sh6 billion subsidy programme. The initiative which ended in December was aimed at reducing the price of a 2kg packet of maize flour. Over the same period, the state also exempted duty payable for imported milk powder and sugar to cushion consumers from spiking prices of the both commodities. KNBS data show that imports from Brazil amounted to Sh20 billion on the back of increased sugar consignment from the region. This in turn nearly tripled imports from America to Sh48 billion during the period under review. The country normally imports most of its sugar from the Common Market for Eastern and Southern Africa region under a protection window. Kenya Sugar Board CEO however told the Star that comesa had been affected by the drought as well reducing its sugar exports to Kenya by about 25 per cent. KNBS data show that the value of imports from comesa rose by 83.64 per cent to Sh30.3 billion in the quarter under review. Net income from international trade in services increased by 22.5 per cent to a surplus of Sh44.7 billion attributed to increased travel receipts.      
Read More


Category: sports oped opinion topnews news business

Suggested

9 hours ago, 18:25
@CITIZENTV - By: Agencies
City had better preparations in the run-up to the derby- Mourinho

Manchester United manager Jose Mourinho said Manchester City's preparations for their derby victory were helped by playing in two "friendly" matches during the past week. City returned to the top of t ...

Category: topnews news sports
10 hours ago, 18:03
@Football365 - By: Joe Williams
FA ask Guardiola to explain pre-match ref comments

Football365 - The FA has sought an explanation from Pep Guardiola over comments about referee Anthony Taylor. ...

Category: sports football
10 hours ago, 17:32
@Football365 - By: Joe Williams
Rudiger angered by ‘joke’ booking for ‘being headbutted’

Football365 - Antonio Rudiger says the decision that saw him booked for being "head-butted" by Bernard is "a joke". ...

Category: sports football
6 hours ago, 21:09
@DailyNation - By: Afp
Gebrselassie resigns as Ethiopia's athletics chief

Gebrselassie cited an incident at a weekend competition for his decision to step down. ...

Category: sports
11 hours ago, 16:52
@DailyNation - By: Caxton Apollo
Thunder hope to storm Equity Bank in Game Three

This is the only men’s quarter-final playoffs match which entered Game Three. ...

Category: sports
9 hours ago, 18:43
@Football365 - By: Ian Watson
Five reasons for optimism around Man Utd…

Football365 - United have a long way to go to claw back City. But there are grounds for optimism, if you look really hard... ...

Category: sports football

@TheStar

Kenya’s trade deficit up 31 per cent - Data

11 months ago, 2 Jan 10:17

By: Cynthia Ilako @la ...
Increased need for food and petroleum products in the country has worsened the country’s trade deficit which widened by 31.1 per cent in the third quarter of 2017 to hit Sh306 billion. Data by the Kenya National Bureau of Statistics show that Kenya’s import bill rose by 20.3 per cent to Sh450.9 billion during the review period. This is a relatively faster rate in comparison to the value of total exports which grew 2.76 per cent to Sh145 billion. A trade deficit, also known as the current account deficit, means the value of imports is greater than the value of exports. “This was mainly on account of increased imports valued on free on board basis that was driven by growth in the import bill of food and petroleum products in the third quarter of 2017,” KNBS said in its quarterly balance of payment report for third quarter 2017. Reeling in from the effects of a drought that prolonged to the first quarter of 2017, the government authorised duty-free maize imports from May 2017 under a Sh6 billion subsidy programme. The initiative which ended in December was aimed at reducing the price of a 2kg packet of maize flour. Over the same period, the state also exempted duty payable for imported milk powder and sugar to cushion consumers from spiking prices of the both commodities. KNBS data show that imports from Brazil amounted to Sh20 billion on the back of increased sugar consignment from the region. This in turn nearly tripled imports from America to Sh48 billion during the period under review. The country normally imports most of its sugar from the Common Market for Eastern and Southern Africa region under a protection window. Kenya Sugar Board CEO however told the Star that comesa had been affected by the drought as well reducing its sugar exports to Kenya by about 25 per cent. KNBS data show that the value of imports from comesa rose by 83.64 per cent to Sh30.3 billion in the quarter under review. Net income from international trade in services increased by 22.5 per cent to a surplus of Sh44.7 billion attributed to increased travel receipts.      
Read More

Category: sports oped opinion topnews news business

Suggested

9 hours ago, 18:25
@CITIZENTV - By: Agencies
City had better preparations in the run-up to the derby- Mourinho

Manchester United manager Jose Mourinho said Manchester City's preparations for their derby victory were helped by playing in two "friendly" matches during the past week. City returned to the top of t ...

Category: topnews news sports
10 hours ago, 18:03
@Football365 - By: Joe Williams
FA ask Guardiola to explain pre-match ref comments

Football365 - The FA has sought an explanation from Pep Guardiola over comments about referee Anthony Taylor. ...

Category: sports football
10 hours ago, 17:32
@Football365 - By: Joe Williams
Rudiger angered by ‘joke’ booking for ‘being headbutted’

Football365 - Antonio Rudiger says the decision that saw him booked for being "head-butted" by Bernard is "a joke". ...

Category: sports football
6 hours ago, 21:09
@DailyNation - By: Afp
Gebrselassie resigns as Ethiopia's athletics chief

Gebrselassie cited an incident at a weekend competition for his decision to step down. ...

Category: sports
11 hours ago, 16:52
@DailyNation - By: Caxton Apollo
Thunder hope to storm Equity Bank in Game Three

This is the only men’s quarter-final playoffs match which entered Game Three. ...

Category: sports
9 hours ago, 18:43
@Football365 - By: Ian Watson
Five reasons for optimism around Man Utd…

Football365 - United have a long way to go to claw back City. But there are grounds for optimism, if you look really hard... ...

Category: sports football
Our App