Kenya Trade Analysis

Kenya in East Africa is the 7th most populous country of the South African continent with a population of 54 million. This South African nation is one of the most mega-diverse places on the continent with a plethora of natural beauties like coastal regions, highlands, savannahs, and deserts. The majority of the population residing there practices the ethnicity of their ancient tribes to maintain its cultural significance and speaks Swahili and English as their official language accompanied by 40 other languages like Kikuyu, Sheng, and Dholuo. The vast land area of the nation of 580,367 square kilometers exceeds its limits up to Tanzania, Uganda, South Sudan, Ethiopia, and Somalia in the South, West, Northwest, North, and East directions.

Apart from its geographical and historical review, the country is also famous for its globally expanding trade rates. Right now the trade rate of Kenya has achieved tremendous growth with a value of 120 billion US dollars in 2023; the GDP has increased by a rate of 6% from the previous years with a reported value of 102 billion US dollars. Uganda, Tanzania, Netherlands, and the United States are some of the top trade partners of the nation accounting for its total annual revenue with an export trade value of 5 billion US dollars, 1.5 billion US dollars, 800 million US dollars, and 700 million US dollars.

Top Traded Commodities

The rapid evolution of the Turkish economy is because of its global export and import trade rate, the traded commodities with the top traders share a huge value in the annual generated economic revenue accompanying the finances and tourism sector. As per the Kenya Customs Data, the top traded commodities of the nation with its import and export trade rates are discussed below,

Imports

• Petroleum products (HS code - 27) – Annual generated import revenue rate of Petroleum products 2023 – 4 billion US dollars

• Machinery and Electrical equipment (HS code - 85) – Annual generated import revenue rate of Machinery and Electrical equipment 2023 – 2 billion US dollars

• Iron and steel (HS code - 72) – Annual generated import revenue rate of Iron and steel 2023 – 1.5 billion US dollars

• Plastics (HS code - 95) – Annual generated import revenue rate of Plastics 2023 – 800 million US dollars

• Pharmaceuticals (HS code - 29) – Annual generated import revenue rate of Pharmaceuticals 2023 – 700 million US dollars

• Agricultural products (HS code - 84) – Annual generated import revenue rate of Agricultural products 2023 – 500 million US dollars

• Chemicals (HS code - 38) – Annual generated import revenue rate of Chemicals 2023 – 400 million US dollars

• Textiles and clothing (HS code - 59) – Annual generated import revenue rate of Textiles and clothing 2023 – 300 million US dollars

• Vehicles (HS code - 87) – Annual generated import revenue rate of Vehicles 2023 – 200 million US dollars

• Food products (HS code - 21) – Annual generated import revenue rate of Food products 2023 – 100 million US dollars

Exports

• Tea (HS code - 09) – Annual generated export revenue rate of Tea 2023 – 1.5 billion US dollars

• Coffee (HS code - 09) – Annual generated export revenue rate of Coffee 2023 – 950 million US dollars

• Horticultural products (HS code - 84) – Annual generated export revenue rate of Horticultural products 2023 – 900 million US dollars

• Athletic footwear (HS code - 64) – Annual generated export revenue rate of Athletic footwear 2023 – 800 million US dollars

• Fish (HS code - 03) – Annual generated export revenue rate of Fish 2023 – 700 million US dollars

• Petroleum products (HS code - 27) – Annual generated export revenue rate of Petroleum products 2023 – 500 million US dollars

• Fertilizers (HS code - 31) – Annual generated export revenue rate of Fertilizers 2023 – 400 million US dollars

• Iron and steel products (HS code - 72) – Annual generated export revenue rate of Iron and steel products 2023 – 350 million US dollar

• Avocado oil (HS code - 15) – Annual generated export revenue rate of Avocado oil 2023 – 300 million US dollars

• Plastics (HS code - 95) – Annual generated export revenue rate of Plastics 2023 – 200 million US dollars

Top 5 Fascinating Facts of the Kenya Trade 2023

The new government initiatives brought by the authorities are inducing simultaneous changes in the trade rate of Turkey. The rapid changes in the trade rates and the increased amount of exports and imports are all because of its partnership with FTA holders. As per the Kenya Trade Data, the 5 fascinating factors of the Turkish trade in 2023 are discussed below,

• Strategic location – The strategic location of the nation between the Asian and European continents makes it an ideal place for imports and exports from all the top trade destinations making it a trade hub. The strategic location of the nation reduces the trade barriers and builds strong relationships with global trade holders boosting its annual revenue.

• Diversified exports – As per the Kenya Export Data, the diversified exports induced in the global trade of Turkey are mainly because of its higher production rates in the industrial sectors. The country used to export different products ranging from automobiles and machinery to agricultural trades.

• Free Trade Agreements – The involvement of Turkish trade with numerous free trade agreements is accounting for a rapid boost in its annual generated revenue. This factor makes the goods exported from Turkey more competitive with the other products available in the international market.

• E-commerce trades – The establishment of the import and export trade sectors of the Turkish trade in e-commerce platforms boosts the annual generated economic revenue to a huge extent. E-commerce trade has increased the trade rate by more than 30% from the normal revenue generated in the past years.

• Increased rate of imports – As per the Kenya Import Data, the import trade rate of the nation is significantly evolving because of the higher domestic demands. The diversified range of imports accounts for higher revenue generation.

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