Central Bank of Kenya Governor Patrick Njoroge (Photo via bloomberg.com)
Brexit Vote Might Hurt Kenyan Economy
NAIROBI, Kenya – As the United Kingdom votes on Thursday whether to remain in the European Union or not, questions linger on the economic impact the decision will have on Kenya.
This is because is UK is the second largest export destination for Kenyan goods in the European Union, with the value of exports at Sh40 billion or $395.5 million USD in 2015.
Netherlands is the largest.
In 2011 the value of exports stood at Sh47 billion ($464.4 million USD); 2012 at Sh40 billion ($395.5 million USD); 2013 at Sh37 billion ($365.5 million USD); and 2014 at Sh35 billion ($345.8 million USD).
The value of imports in 2015 was at Sh43 billion ($424.9 million USD) down from Sh47 billion ($464.4 million USD) recorded in 2014, in 2011 stood at Sh43 billion ($424.9 million USD), 2012 at 43.8 billion ($432.8 million USD) and 2013 at Sh49 billion or $484.2 million USD.
Kenya already has an agreement with the EU on trade through the East African Community.READ MORE