Kenya Moves To Position 6 In Latest Trade Index In Africa
By Juma / Published October 26, 2023 | 10:27 am
Kenya has moved up one position to stand at 6 in the latest trade index by the Standard Bank trailing South and West African States.
Kenya moved to position six from seven last year out of 10, trailing South Africa, Namibia, Mozambique, Nigeria, and Ghana in that order.
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Kenya scored poorly in the trade openness to rank position 9 out of 10. This is driven by the fact that most of the businesses’ exports are sold to fellow EAC member states.
Here is the list by rank:
South AfricaNamibiaMozambiqueNigeriaGhanaKenyaTanzaniaUgandaZambiaAngola
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“Although Kenya is among 54 signatories to the African Continental Free Trade Agreement (AfCFTA), the country’s foreign trade is concentrated in East Africa, China and Europe,” the survey reads in part.
At the same time, Stanbic found out that awareness of the AfCFTA amongst surveyed Kenyan businesses has significantly improved, increasing to 43 percent in May 2023 from 15 percent in September 2022.
This result suggests that the recent introduction of Kenya’s National AfCFTA Implementation Strategy, aimed at expediting the implementation of the AfCFTA, may help in realizing the desired benefits.
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”The primary research findings suggest that the burden of some of the traditional barriers on Kenyan businesses to trade with the rest of Africa may be declining”.
The survey found out that the percentage of firms reporting trade with the rest of Africa to be easy grew significantly from 17 percent in September 2022 to 31 percent in this iteration of the survey.
This change was particularly driven by a significant increase in the percentage of businesses reporting that there are easy trading procedures and lower trading taxes.
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