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Thursday, 15 January 2015

Kenya's Trade Deficit Increases as Imports Rise

The deficit in Kenya's balance of trade has widened considerably as imports accelerate to 1.8 billion U.S. dollars a month, according to new economic data.On the contrary, the East African nation's exports have shrunk to 450 million dollars as outflows from tea, coffee and horticulture stagnate.The data from Kenya National Bureau of Statistics (KNBS) for the period ending September last year indicate that the trade deficit has widened, as the country imports more machinery and industrial supplies.

In September, Kenya's non-food industrial supplies imports stood at 427 million dollars, according to the data received from the government agency on Tuesday. While this was a drop from 454 million dollars the previous month, the category maintained its grip at the top, contributing heavily to the 1.8 billion dollars bill.Machinery and other capital equipment imports came in second at 401 million dollars. This was a significant surge from the previous month's 258 million dollars.The category, according to KNBS, was responsible for the surge in Kenya's import bill during the month with the 122-million swell.Fuel and lubricants took the third slot in Kenya's top imports, amounting in September to 380 million dollars, up from 320 million dollars.

Source: english.eastday.com