In Historic First, Kenyan Annual Exports Hit Sh1 Trillion

March 28, 2024

In a significant first for Kenya’s economy, the nation’s export figures soared to an unprecedented 1 trillion shillings (approximately 7.6 billion U.S. dollars) in 2023.

This remarkable growth from the 5.95 billion dollars recorded in 2022 signifies the burgeoning strength and global competitiveness of Kenya’s export sector.

During a press conference in Nairobi, Jaswinder Bedi, the chairman of the Kenya Export Promotion and Branding Agency, highlighted the important role of the Kenyan shilling’s depreciation in 2023.

The currency’s weakening last year notably enhanced the competitiveness of Kenyan products on the international stage, contributing to the surge in export figures. This is the first time in the nation’s history that exports have hit Sh1 Trillion.

Bedi revealed that “Africa was the key destination for exports, accounting for about 40 percent of all goods sold overseas.”

The continent emerged as a primary market for Kenyan manufactured goods, including iron and steel, pharmaceuticals, lubricating oils, and vegetable oils. This strategic focus on African markets has played a pivotal role in driving the country’s export growth.

The chairman further spoke of Kenya’s agricultural export portfolio, which played a crucial role in achieving the 2023 milestone. “Key agricultural exports in 2023 included tea, coffee, flowers, fruits, and vegetables,” Bedi stated.

These products found their way predominantly to markets in Europe and Asia, reflecting the diverse and global appeal of Kenya’s agricultural offerings.

The growth in exports not only signifies a robust economic performance but also positions Kenya as a key player in the international trade arena, especially within the African continent and beyond.

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