NAIROBI, Kenya, Mar-20 Export Promotion Council CEO Peter Biwott has asked traders to maximize on the available resources such as the Standard Gauge Railway to boost export products that will help reduce the country’s debt ratio to GDP that is currently at 58 percent.
Biwott said the focus should not be so much on the ratio but on increasing exports and expanding the economy to make it easier to repay the loans.
“If we don’t sell a lot to other countries even paying a debt of 1 percent to GDP ratio will be too difficult. What we should now focus on is how many women and youth are we bringing on board to increase our exports,” he commented.
Currently, EPC has focused on creating an exporters directory in every county.
“We already have KCB and Equity exporting their financial services to DRC and Uganda. We are also coming up with a directory of exportable products and their availability in different counties,” said Biwott.
Kenya is currently exporting at Sh600 billion and is importing at Sh 1.7 trillion.
According to data by Trade Law Centre Kenya’s export to the rest of the world has risen to 5.8 billion US dollars as agriculture remains Kenya’s stronghold in its exports with Coffee, Tea and spices as the export leads at 29 percent.
The leading export destinations are Pakistan, Uganda and United States. Kenya’s leading imports are mineral oil and fuel at 16 percent as China and India are the leading import sources of Kenya.
The increase in exports and creating markets for products are amongst the top challenges affecting trade in Kenya.