Expos help to tap foreign markets – commerce boss – The Star Kenya
Kenya’s exports to China have grown by almost 9.3 percent in the past five years even as the latter’s contracts.
However, the trade deficit has continued widening.
This is according to half year data from the Kenya National Bureau of Statistics (KNBS) which shows that the deficit widened to Sh425.17 billion in the year through March 2022 from Sh370.58 billion a year ago.
This was a 15 per cent jump despite Nairobi making the world’s most populous nation a priority in its new export strategy in July 2018.
According to the Economic Survey 2022, the value of exported goods and services grew by 28 per cent from $8.9 billion (Sh1.04 trillion) in 2010 to $11.5 billion (Sh1.348 trillion) in 2019.
The survey further puts the value of imports at Sh2.151 trillion in 2021 up from Sh1.643 trillion in 2020, a 30.9 per cent growth.
In June this year, Kenyan traders said China should further open its market for Kenyan goods and services to bridge the huge gap.
This was during the second Nairobi-China Trade and Investment Forum where they said that trading between the two was largely in favour of China.
Local traders have an opprtunity to showcase their goods and services at the Kenya International Industrial Expo (KIIE’s) trade exhibitions set for November in Nairobi.
This will KIIE’s fifth edition expo will begin and is set November 3 at the Sarit Expo Centre.
The three days event organised by Afripeak is in partnership with Kenya Investment Authority and the Kenya National Chambers of Commerce and Industry
Dubbed ‘Driving growth in Kenya’s manufacturing sector through technology and partnerships’, the expo is expected to drive the country’s development agenda by providing trade and technological exchange opportunities between Kenya and the world.
KNCCI president, Richard Ngatia said that such initiatives have enabled Kenyan traders meet the market quality demand of Chinese market.
He said such expos boosted Kenya’s exports to China during 2020-2021 period.
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