The Kenya Economic Survey 2024 Report by the Kenya National Bureau of Statistics (KNBS), released on Monday, May 20, revealed that Kenya spent over Ksh 1.2 trillion on importing the top five commodities.
According to the report, some of the top commodities Kenya imported in 2023 included petroleum products, industrial machinery, animal and vegetable oils/fats, iron and steel, and unmilled wheat.
The data shows that petroleum products imported into the country cost Ksh 606 billion. Industrial machinery was second on the list, costing Kenyan importers Ksh 289.8 billion.
According to the report, Ksh 139.1 billion worth of animal and vegetable oils and fats were imported into the country during the period under review.
Over the same period, importers brought in Ksh 120.8 billion worth of iron and steel and Ksh 93.8 billion of unmilled wheat.
The KNBS report further showed that in 2023, imports increased by 4.9% to Ksh 2.6 trillion, while exports grew by 15.4% to Ksh 1 trillion.
The statistics office further revealed that in 2023, the top exports from Kenya were tea, horticulture, apparel and clothing, coffee, and iron and steel.
At a glance, Kenya exported Ksh 188.7 billion worth of horticulture, Ksh 45.5 billion worth of apparel and clothing, Ksh 34.6 billion worth of coffee, and Ksh 32.2 billion worth of iron and steel.
“Trade balance narrowed from a deficit of Ksh 1.62 trillion to Ksh 1.6 trillion and export-import cover ratio improved from 35.1% to 38.6%,” reads part of the report.
Speaking at the launch of the report, Treasury Cabinet Secretary Njuguna Ndung’u explained that the country needed strong economic growth to significantly reduce poverty. He added that the economy has shown gradual growth despite experiencing persistent economic shocks.
This increase in the amount spent on importing commodities comes as President William Ruto continues to champion the need to promote local manufacturing and reduce imports.
The Head of State has reiterated that Kenya should move away from importing products such as cement, steel, and furniture.
“We are spending so much money to import things when we can manufacture them locally. That is why we have put a levy on the import of these unnecessary imports of products into Kenya,” he added.
President Ruto vowed to revive several economic sectors, including agriculture, as well as the manufacturing of electronics such as phones and garments.
