Kenya’s imports from the American Continent more than doubled in the first quarter of 2024 compared to the same period in 2023, increasing from Ksh.28.1 billion to Ksh.65.1 billion.
According to the latest quarterly balance of payments data from the Kenya National Bureau of Standards (KNBS), this surge is attributed to a rise in imports from the United States of America, climbing from Ksh.18.5 billion to Ksh.41.1 billion.
In contrast, Kenya’s exports to America grew by 46.7% to Ksh.23.6 billion during the same period.
The increase in imports was driven by higher expenditures on petroleum products and industrial machinery, which saw a respective rise of 16.3% and 32.0%.
Aircraft Importation
Specifically, there was also a significant uptick in imports of aircraft, equipment, and parts.
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“Overall, imports in the first quarter of 2024 were valued at Ksh.684.0 billion reflecting an increase of 16.0 percent compared to the first quarter of 2023.
This development resulted from increased expenditure on petroleum products and industrial machinery imports which rose by 16.3 percent and 32.0 percent, respectively,” says KNBS
Africa remained the largest market for Kenya’s exports, with notable growth in exports to countries like Egypt, the Democratic Republic of Congo, Tanzania, Uganda, and South Sudan.
Exports to Asia also saw a substantial increase, particularly to Saudi Arabia and the United Arab Emirates, while exports to Iran declined.
In Western Europe, exports to the European Union and the United Kingdom experienced growth, with a notable surge in imports from Belgium and the Netherlands, particularly in motor spirit.
However, the import bill from the Russian Federation decreased, primarily due to a reduction in wheat and chemical fertilizer imports.
