Kenya earned Sh155 billion as tea exports surged 20.8% in first 10 months of 2024
Kenya’s tea export volumes surged 20.8 per cent in the first 10 months of 2024, boosted by increased demand in destination markets, the Tea Board of Kenya (TBK) said.
The TBK on Wednesday said export volumes stood at 500.8 million kilogrammes, an increase from 414.5 million kilogrammes recorded in the same period of 2023.
They country earned Ksh155 billion (about US$1.19 billion) from exports during the first 10 months, a rise from US$1.09 billion in a similar period in 2023, said the TBK in a report released in the Kenyan capital of Nairobi.
“The export earnings were higher on account of higher export volumes and a stable exchange rate,” the TBK said.
The Kenyan shilling exchanged at an average of 129 to the US dollar during the period, reports Xinhua news agency.
With the country earning an average of US$199 million per month from tea, earnings in 2024 are expected to surpass the US$1.39 billion earned in 2023, according to the TBK.
Meanwhile, tea production also surged 7 per cent in the first 10 months of 2024, boosted by favourable weather conditions. Pakistan, Egypt, the United Arab Emirates, Russia and Sudan remained the main markets that shipped more tea from Kenya during the period.
Kenya is expanding its market, especially in Asia, with the government recently opening a tea trade centre in the Fujian Province of China to facilitate distribution in the country.
Meanwhile, Kenya’s exports in the third quarter of 2024 increased by 5.5 per cent to Ksh284.4 billion (about $2.19 billion) compared to the same period in 2023, the country’s national statistics bureau said on Tuesday.
Data from the Kenya National Bureau of Statistics (KNBS) indicated that Africa continued to account for the largest share of total export earnings at 39.6 per cent, despite a decline of 5.2 per cent compared to the same period in 2023.
“The decline was partly on account of reduced exports to Egypt (32.6 per cent), Tanzania (10.4 per cent), Burundi (36.9 per cent) and South Sudan (27.5 per cent),” the KNBS said.
The statistics bureau noted that exports to Asia increased to 79.3 billion Kenyan shillings (about $612.8 million), primarily driven by increased re-exports of kerosene-type jet fuel to the United Arab Emirates and exports of pigeon peas to India.
The KNBS said that earnings from exports to the European Union declined slightly to Ksh38 billion (about $293.7 million) from Ksh38.8 billion (about $299.8 million) in 2023, partly a result of reduced domestic exports of cut flowers.
However, the bureau said that revenue from exports to America rose by 46.8 per cent to Ksh26.2 billion (about $202.5 million) compared to 2023, largely due to an increase in domestic exports of apparel and clothing accessories, as well as re-exports of kerosene-type jet fuel to the United States.
Source: IANS
