Kenya has achieved a significant milestone with its export earnings growing by 15.4% in 2023, reaching Sh1 trillion for the first time in history. This historic achievement underscores the nation’s growing economic strength and resilience in the global market.
The 2024 Economic Survey, released in Nairobi, highlights tea as Kenya’s top export earner for the year, generating Sh188.7 billion. Horticulture closely follows, contributing Sh187.4 billion to the economy. These two sectors alone have played a pivotal role in driving Kenya’s export growth.
In addition to tea and horticulture, other sectors have significantly bolstered Kenya’s export earnings. Apparel and clothing brought in Sh45.5 billion, coffee contributed Sh34.6 billion, and iron and steel earned Sh32.3 billion for the year ending June 30, 2023. This diversified export portfolio highlights Kenya’s broad economic base.
Despite the impressive export growth, Kenya’s imports also increased by 4.9% to Sh2.6 trillion. This resulted in a slightly narrowed trade balance of Sh1.6 trillion compared to the previous year. However, the export-import cover ratio improved from 35.1% to 38.6%, reflecting President William Ruto’s efforts to reduce dependency on imports.
Petroleum products were the largest import category, amounting to Sh606 billion, followed by industrial machinery at Sh289.8 billion, and animal and vegetable oils at Sh139.1 billion. These figures indicate the critical areas where Kenya remains reliant on external markets.
Kenya’s top export markets in 2023 were Uganda, which imported goods worth Sh126.3 billion, and Pakistan, the leading market for Kenyan tea, at Sh78.9 billion. The Netherlands, Tanzania, and the USA also featured prominently, purchasing goods valued at Sh76.3 billion, Sh69.3 billion, and Sh64.3 billion, respectively. On the import side, China remained the top supplier at Sh459 billion, followed by the UAE, India, Saudi Arabia, and Malaysia.
