Kenya’s half-year trade deficit fell by 20 percent in the first half of the year compared to the corresponding period in 2019 on the back of a lower import bill and higher export receipts.
Trade data from the Kenya National Bureau of Statistics (KNBS) shows that the trade deficit (the difference between imports and exports) stood at Sh459 billion, compared to Sh575 billion in the first half of last year.
This is the lowest deficit level since the first half of 2016 when it was Sh390 billion.
“Despite the impact of the pandemic, exports of goods have rebounded in the first half of the year, receipts from tea exports over the period rose by 18.4 percent with increased production,” said the Central Bank of Kenya in the monetary policy committee report released last week.
The total volume of trade in the six months dropped to Sh1.09 trillion from Sh1.18 trillion recorded over the same period last year.