Kenya's trade deficit continues to widen owing to a large import bill dampening the prospect of East Africa's largest economy sustaining its current growth streak.
This comes even as economists warn that the country's reliance on exports is exposing the economy to shocks and should be addressed. According to 2015 Economic Survey released this week by Kenya National Bureau of Statistics, imports of aircrafts and associated equipment like road motor vehicles, industrial machinery and petroleum products pushed up the country's import bill. "The balance of trade deteriorated from a deficit of Sh911 billion in 2013 to a deficit of Sh1.08 billion in 2014 translating to an increase of 18 per cent," it said. "During the period under review, the import bill increased by 14.5 per cent while the earnings from exports registered a smaller increase of 7 per cent." Read more. Source | Standard Digital