Kenya: Food Import Spending rose by 30% between January and April 2018
(Ecofin Agency) - In Kenya, food import spending jumped over the first 4 months this year. Central Bank of Kenya revealed that KSh68.63 billion were earmarked for food purchases over the period, reflecting an increase by 30% compared to last year.
This amount also represents about 11.64% of the country's total import expenditures which stood at KSh589.62 billion ($5.8 billion) during the period under review. This heavy food import bill results from bad weather conditions last year leading the country to increase purchases of corn, milk, rice, wheat and sugar.
Let’s note that agriculture is the mainstay of Kenya's economy, accounting for nearly 32% of GDP, and generating 45% of export earnings. Moreover it provides over 70% of informal employment in rural areas, according to the National Agricultural Export Development Board (NAEB).