Kenya has been missing out on USD5.3 billion annually in unmet export potential.
This is according to joint export research conducted by the Kenya Association of Manufacturers and the German Embassy in Nairobi.
The report also shows that Kenya has been missing out on USD 10 billion in unrealised export opportunities.
Friederike Hemker, Deputy Head of Cooperation at the German Embassy in Kenya, explained how Kenya had an untapped opportunity and reiterated the need to address longstanding bottlenecks.
“Kenya has a USD 5.2 billion untapped export opportunity. High energy costs, complex procedures and long processes add significant burdens, but Kenya also has remarkable strengths: a vibrant entrepreneurial base, innovation and resilience. If these are matched with targeted reforms, trade can grow rapidly,”.
During the launch, the Director of External Trade at the State Department for Trade, Peter Njoroge, reaffirmed government’s commitment to advancing reforms that boost Kenya’s competitiveness.
“We are strengthening the National Export Strategy to promote value addition and fully access and utilise existing preferential markets. We are also expanding MSME financing and promoting value addition across tea, coffee, textiles, edible oils, fisheries and livestock,” he said.
The report comes at a time when the country continues to grapple with a widening export deficit, despite the availability of regional and global markets ready to absorb more Kenyan products. Launching the report,