The latest KNBS data shows Kenya’s account deficit widened by 5.5 per cent to Sh 193.4 billion in the third quarter of 2022 from Sh 183.4 billion in the corresponding quarter in 2021 as the country’s import bill widened.
The country’s export earnings grew by 29.7 per cent to Sh228.2 billion while the import bill increased by 20.8 per cent to Sh601.2 billion over the same period in the third quarter of 2022
The main driver in the growth of exports was increased export earnings from tea according to the Quarterly Balance of Payments report
In the period under review, receipts from international trade in services went up by 66.0 per cent while services payments increased by 46.0 per cent.
Diaspora remittances remained resilient, increasing by 7.7 per cent to KSh 114.3 billion in the third quarter of 2022 despite a decline in quarterly flows reflecting seasonality.