Kenya’s export earnings surged by 15.4% in 2023, reaching a record-breaking KSh1 trillion for the first time. Data from the 2024 Economic Survey shows that tea, Kenya’s leading export earner, brought in Sh188.7 billion. Horticulture followed closely behind, contributing Sh187.4 billion. Apparel and clothing (Sh45.5 billion), coffee (Sh34.6 billion), and iron and steel (Sh32.3 billion) also played significant roles in this export boom, showcasing the country’s increasingly diversified export base. Import Growth Outpaced by Exports While imports grew moderately by 4.9% to Sh2.6 trillion, the export growth outpaced this increase resulting in a slightly narrower trade deficit of Sh1.6 trillion compared to Sh1.62…
Author: Muindi
Muindi
Experience working on communication and marketing departments and in the broadcast industry. Interested in sustainable development and international relations issues.
Kenya’s shilling continues to demonstrate resilience amidst global economic uncertainties according to the Central Bank of Kenya (CBK). The Kenyan shilling strengthened by 0.4 per cent against the US dollar compared to the beginning of May. (KSh 130.48 per USD on May 16th vs. KSh 131.25 on May 9th). The appreciation has been attributed to strong foreign exchange reserves maintained at USD 7.13 billion (covering 3.8 months of imports). “The usable foreign exchange reserves remained adequate at USD 7,130 million (3.8 months of import cover) as of May 16. This meets the CBK’s statutory requirement to endeavour to maintain at least 4 months of import cover,” the CBK said in its weekly bulletin. On a year-to-date basis,…
Virgin Limited Edition, a luxury hospitality collection by Virgin Group, has announced the addition of Finch Hattons Luxury Safari Camp in Kenya. This marks the ninth property for the brand globally and strengthens its presence in Africa. “Africa is one of my favourite parts of the world. Each cornerstone offers something entirely unique, surrounded by rich heritage and culture. I’m delighted Finch Hattons and all of the incredible wildlife in the Tsavo National Park will join our Virgin Family and I can’t wait to visit soon,” Richard Branson said. Family-Run Gem Joins Prestigious Collection Located in Tsavo National Park, Finch Hattons is a family-owned tented safari camp known for its focus on family…
A new project aims to transform Tanzania’s trade sector by fostering sustainable economic growth and inclusive practices. The initiative, titled “Private Sector and CSOs for Inclusive and Greening Trade,” is a collaboration between the Foundation for Civil Society (FCS) and TradeMark Africa (TMA). Funded by FCDO, Ireland, and Norway, the project will receive TZS 2.3 billion (approximately USD 900,000) over 18 months. It will leverage the combined strengths of private businesses and civil society organizations (CSOs) to address key challenges in Tanzania’s trade landscape. The initiative aims to dismantle barriers faced by women in informal trade, such as limited access to finance and trade skills training creating a more inclusive trading environment that benefits…
The Co-operative Bank of Kenya says it delivered a solid first quarter of 2024, with profit after tax rising 7.7% to KSh 6.58 billion compared to the same period last year. This growth was attributed to an increase in net interest income, which includes interest earned on loans and fees charged to customers. “Co-op Bank is pleased to report a Profit Before Tax of Kshs. 9.01 Billion for Quarter 1 2024, a commendable 10.6% growth compared to Kshs. 8.15 Billion recorded in Quarter 1 2023,” Co-op Bank Group MD and CEO Gideon Muriuki said. Co-op Bank’s performance highlights Profit after tax for Q1 2024 reached KSh6.58 billion,…
Safaricom, Kenya’s largest mobile network operator, has restored full internet service following a multi-day outage caused by a damaged undersea fibre optic cable. The outage, which began last Sunday, impacted internet speeds and connectivity across East African countries. The telco among others addressed the issue by securing additional capacity from other undersea cable providers. “We’re happy to announce our network is back to full capacity and stability,” Safaricom said in a statement. “We appreciate our engineers’ efforts to keep the country connected during this time.” A big thanks to all our engineers who have worked hard to keep us all connected. https://t.co/PE2oHmKsKL — Peter…