Kenya is developing the National Export Development Strategy in order to reduce the trade deficit, officials said on Monday.
Principal Secretary in the Ministry of Industry, Trade and Cooperatives Chris Kiptoo told a media briefing in Nairobi that currently imports are growing three times faster as compared to exports resulting a growing trade imbalance.
“We are therefore developing the National Export Development Strategy to address the challenges that have over the years slowed down export growth,” Kiptoo said.
He said the strategy is currently being formulated by consultants and should be complete by the end of 2017.
Kiptoo said when the strategy is fully implemented it will help exports expand by over 20 percent annually and help to eliminate the current trade deficit by the year 2022.
The government official said that Kenya has a very narrow export base given that six products account for approximately 60 percent of all exports.
“This is one of the reasons behind the country’s lackluster performance in international trade,” he said.
The principal secretary said that Kenya has identified six sectors that will be prioritized including livestock and livestock products, agriculture, fisheries, manufactured products and handicrafts.
The Ministry of Industry is also seeking to enhance the use of cross cutting issues such as export financing to promote international trade. Enditem
Source: Xinhua/NewsGhana.com.gh
