By Our Reporter
A report commissioned by the Institute of Chartered Accountants in England and Wales (ICAEW) and produced by partner and forecaster Oxford Economics, provides a snapshot of the region’s economic performance. It focuses specifically on Kenya, Tanzania, Ethiopia, Nigeria, Ghana, Ivory Coast, South Africa and Angola.
According to the report, the African continent accounted for 41% of Kenya’s exports in 2016 while Europe and Asia each accounted for approximately a quarter of total exports. Uganda held the position of Kenya’s largest single export destination accounting for 11% of total exports during 2016.
Agricultural products such as tea and flowers made up the bulk of exports. However, whilst the country has an advantage in terms of value-added compared to regional African peers, this story is not replicated beyond Africa.
Receipts from these commodities are largely determined by factors such as global commodity prices and domestic weather conditions (affecting production) and not necessarily the state of world trade.
Michael Armstrong, ICAEW Regional Director, Middle East, Africa and South Asia said, “Kenya stands to benefit from stronger growth in the East Africa region as it is well positioned to take advantage of rising demand for manufactured goods. Furthermore, its location and relatively developed transport infrastructure will allow the country to act as the gateway into the East Africa region.
