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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Kenyan trade Deficits slightly widens to U.S. 2.76 billion dollars

NAIROBI (Xinhua) -- Kenya’s trade deficit widened marginally to 2.76 billion U.S. dollars in the first quarter of 2018, up from 2.71 billion dollars in the first quarter of 2017, the statistics bureau said on Friday.

Zachary Mwangi, Director General of Kenya National Bureau of Statistics (KNBS), said that during the first three months of 2018, total exports rose by 7.2 percent to reach 1.62 billion dollars.

"Similarly, imports increased by 3.7 percent from 4.2 billion dollars billion in the first quarter of 2017 to 4.38 billion dollars in the same period in 2018," Mwangi said in a statement released in Nairobi.

According to KNBS, during the first quarter of 2018, the current account deficit improved to 1.07 billion dollars from 1.29 billion dollars in the corresponding quarter of 2017.

Mwangi said that merchandise exports grew by 7.1 percent to 1.62 billion dollars in the first quarter of 2018, while merchandise imports valued on free on board (fob) basis grew to 4.32 billion dollars, in the same quarter.

Statistics bureau said that total exports to Africa recorded a decline from 583 million dollars in the first quarter of 2017 to 540 million dollars in the same quarter of 2018.

According to KNBS, the total exports to North America exhibited a similar trend with exports to the U.S. and Canada recording declines of 93 million dollars and 4 million dollars, respectively, over the same period.

The director general said that exports to Asia in the first quarter of 2018 increased to 519 million dollars.

Mwangi said that Asia remained the leading source of imports during the quarter under review despite a five percent decline in the value of imports from the region which amounted to 2.79 billion dollars.

Mwangi said that Africa accounted for 13.2 percent of the total imports in the first quarter of 2018.

             

 

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