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Kenya’s trade deficit widens in Q3 2014

by ChemOrbis Editorial Team -
  • 07/01/2015 (15:38)
According to data released by Kenya’s National Bureau of Statistics (KNBS), the country’s trade deficit widened in the third quarter of 2014 due to stronger imports. The country’s trade deficit widened by 37.3% to reach Sh319.2 billion ($3.507 billion) in the third quarter of last year.

The country’s imports reached $1.8 billion per month while exports declined to $450 million with the higher import bill being driven by rising costs for machinery and industrial parts. In September, Kenya’s imports for non-food industrial goods stood at $427 million, followed by machinery and imports for other capital equipment ($401 million) and fuel and lubricants ($380 million).

Meanwhile, according to initial estimates from KNBS, Kenya’s economy grew by 5.5% in the third quarter of 2014. It was reported that all sectors of the economy except accommodation and food services expanded in the past year. The country’s economy grew at a 6.3% clip in the third quarter of 2013.
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