The 2024 Economic Survey Report by the Kenya National Bureau of Statistics (KNBS) released on Monday, May 20 revealed that the country spent over Ksh1.2 trillion to import the top five commodities.
According to the report, some of the top commodities Kenya imported in 2023 include; petroleum products, industrial machinery, animal & vegetable oils/fats, iron and steel and unmilled wheat.
The data shows that petroleum products imported into the country cost Ksh606 billion. Industrial machinery was second on the list costing Kenyan importers Ksh289.8 billion.
According to the report, Ksh139.1 billion worth of animal and vegetable oils and fats were imported into the country during the period under review.
Over the same period, importers brought in Ksh120.8 billion worth of iron and steel and Ksh93.8 billion worth of unmilled wheat.
KNBS' report further showed that in 2023, imports increased by 4.9 per cent to Ksh2.6 trillion while exports grew by 15.4 per cent to Ksh1 trillion.
The statistics office further revealed that tea, horticulture, apparel & clothing, coffee, and iron & steel were the top exports in 2023.
At a glance, Kenya exported Ksh188.7 billion worth of tea, Ksh187.4 billion worth of horticulture, Ksh45.5 billion worth of clothing, Ksh34.6 billion worth of coffee and Ksh32.3 billion worth of iron & steel.
"Trade balance narrowed from a deficit of Ksh1.62 trillion to Ksh1.6 trillion and export-import cover ratio improved from 35.1 per cent to 38.6 per cent," reads part of the report.
Speaking at the report's launch, Treasury Cabinet Secretary Njuguna Ndung'u explained that the country needed strong growth to significantly reduce poverty adding that the economy has shown gradual growth despite experiencing persistent economic shocks.
This increase in the amount spent on importing commodities comes as President William Ruto continues to champion the need to promote local manufacturing and cut imports.
At the time, the Head of State reiterated that Kenya should move away from importing products such as cement, steel, and furniture.
"We are spending so much money to import things when we can manufacture locally. That is why we have put a levy on the import of these unnecessary imports of products into Kenya," he added.
Some of the economic sectors Ruto vowed to revive included agriculture as well as manufacturing of electronics such as phones as well as garments.
