Domestic earnings up by 19.5%, surge attributed to increase in tea, horticultural exports
By Vincent Ombati |
KNBS report revealed other commodities that registered an increase in the first quarter of 2024 were articles of apparel and clothing accessories and essential oils.
Kenya's domestic earnings have shot up by 19.5 per cent in the first quarter of the year compared with the same period in 2023.
The significant improvement in domestic earnings can be attributed to an increase in tea export and horticultural products by Sh30.6 billion.
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Tea exports for the first quarter was Sh58 million compared with the same period last year of Sh43 million. Horticultural earnings went up from Sh45 million in the first quarter to Sh61 million shillings in the same period this year.
The Kenya National Bureau of Standards (KNBS) report revealed other commodities that registered an increase in the first quarter of 2024 were articles of apparel and clothing accessories and essential oils.
Broad Economic Category (BEC) analysis classification reveals that commodities under the food and beverage categories had a huge impact on domestic earnings.
"Commodities under the food and beverage categories accounted for the biggest proportion of total revenue from domestic exports in the review period at 45.6 per cent," BEC stated.
During the same period, export earnings from primary non-food industrial supplies declined to Sh21.7 billion from Sh23 billion during the first quarter of 2023.
The report further reveals that the value of imports in the country shot up by 15 per cent. Kenya imported goods worth Sh684 billion in the first quarter of the year. This was a result of an increase in expenditure on petroleum by 16.3 per cent and industrial machinery by 32 per cent.
BEC analysis shows that most imports are non-food supplies whereas commodities under fuels and lubricants account for the largest share of import expenditure.
"Non-food industrial supplies had a share of 34.3 per cent of imports in the first quarter with commodities under fuel and lubricant category leading with Sh173.8 billion representing an increase of 19.3 per cent," BEC notes.
KNBS reports a decline in the uptake of unmilled wheat from Sh26.9 billion to Sh19.3 billion and imported chemical fertiliser from Sh32.1 billion to Sh9.7 billion in the first quarter.
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