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Kenya: Fresh produce exporters gain on strong Euro

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Friday, 02 September 2011

Kenya: Fresh produce exporters gain on strong Euro

Fresh produce exporters to European Union (EU) markets are counting gains as the stronger euro boosted their earnings after it hit record-highs against the shilling.

The shilling has shed 30 per cent of its value against the euro in the past seven months -- a move that has seen flower and fruit exporters gain an extra Sh30 for every unit of produce they sell to the EU.

This has cushioned the exporters from the rising dollar dominated import bill led by high commodity prices since the shilling losing streak against the US currency has been slower compared to the European one.

"We are indeed making more money today compared to last year, but part of it is being eaten by the rising input costs since we import fertilisers and agrochemicals," said the Fresh Produce Exporters Association CEO, Mr Stephen Mbithi.

Source: AllAfrica/Business Daily