Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
Tea production decreased by 4.4 percent compared with a growth of 61.8 percent in the same quarter in 2013/FILE

Kenya

Kenya’s Q1 exports earnings drop 5.3pc to Sh115.4bn

Tea production decreased by 4.4 percent compared with a growth of 61.8 percent in the same quarter in 2013/FILE

Tea production decreased by 4.4 percent compared with a growth of 61.8 percent in the same quarter in 2013/FILE

NAIROBI, Kenya Jul 1 – Earnings from domestic exports has declined by 5.3 percent to Sh115.4 billion in the first quarter of 2014 from Sh121.9 billion in the same period of 2013 according to Kenya National Bureau of Statistics data.

The report attributes the decline in export earnings to mineral fuels and related products, machinery and transport equipment and food related products, during the first quarter of 2014.

The earnings from tea exports also declined by 20.1 percent while earnings from coffee increased marginally in the period under review compared to the same period in 2013.

Tea production decreased by 4.4 percent compared with a growth of 61.8 percent in the same quarter in 2013.

Export of vegetables contracted by 20.3 percent in 2014 to 16.6 thousand metric tonnes while that of fruits increased by 18.5 percent to reach 9.2 thousand metric tonnes over the same period.

Quantities of cut flower exported declined marginally over the review period.

“On the other hand, output of coffee and sugarcane recorded significant growths though their combined effect could not offset the poor performance of other crops. International auction prices of coffee and tea decreased compared to the same quarter in 2013,” the report states.

The import bill declined by 3.0 percent to stand at Sh345.2 billion in the first quarter of 2014 from Sh356.0 billion recorded in the same period of 2013 owing to decreases in the expenditure on inedible crude materials, mineral fuels and related products and manufactured goods.

The volume of trade decreased by 1.7 percent to Sh479.7 billion in the period under review.

Kenya’s economy has expanded by 4.1 percent in the first quarter of 2014 according to the Kenya National Bureau of Statistics report, compared to 5.2 percent during the same quarter of 2013.

Advertisement. Scroll to continue reading.

According to the report, constrained growth was due to erratic weather pattern that resulted in depressed agricultural output as well as insecurity concerns coupled with negative travel advisories that dropped the hotels and restaurants earnings in the quarter under review.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...