Kenya tea exports fall by $37mln on Pakistan, Egypt forex crisis

Kenya tea exports fall by $37mln on Pakistan, Egypt forex crisis

Kenya’s tea export earnings fell at least 5 billion shillings ($36.7 million) in February 2023 due to foreign currency shortages in Pakistan and Egypt.

The shortage of US dollars, coupled with the continued Russia-Ukraine conflict, reduced exports to Pakistan, Egypt and Russia by 33 percent in February year-on-year, Business Daily newspaper reported, citing Kenya Tea Board.

Export to the three top buyers fell by 17 million kilos, the highest fall since 2020.

Pakistan and Egypt account for 55% of Kenya’s tea exports.

In February, exports to Pakistan dropped by 56% to 8.2 million kilogrammes YoY, with Egypt declining 55% to four million kilogrammes.

The report said that imports to Russia fell by 66% to a million kilogrammes.

(Editing by Seban Scaria [email protected])

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