Kenya’s trade deficit widened to KSh333.4 billion in the first quarter of 2022 as imports hit a record high of 14.5 per cent to KSh 542.5 billion, mainly due to increased import of petroleum products.
This deficit is compared to KSh281.4 billion in the first quarter of 2021.
Data from the Kenya National Bureau of Statistics (KNBS) shows that export earnings grew by 8.8 per cent to KSh209.1 billion in the first quarter of 2022 as a result of an increase in the value of exports of tea.
International trade in services receipts increased from KSh110.9 billion in the first quarter of 2021 to KSh221.5 billion in the first quarter of 2022.
Services payments grew by 22.9 per cent to KSh122.6 billion in the quarter under review.
Regarding economic growth, the country’s economy rebounded above pre-pandemic levels, with the gross domestic product (GDP) statistics data showing it was up from 2.7 per cent last year and 4.4 per cent in 2020.
The strong performance was supported by continued recovery in manufacturing, construction, transport and storage, education, accommodation and food services, and wholesale and retail trade.
However, the agriculture sector remained subdued on account of unfavorable weather conditions experienced during the quarter under review.
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