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The relationship between Kenya and South Africa seems to be blossoming as trade between both countries, particularly on the side of South Africa, strengthens.
A recent report showed that Kenya’s imports from South Africa increased significantly, while South Africa’s imports from Kenya declined.
This new development further tilted the trade balance in South Africa’s favour.
As seen in the Kenyan business news platform, BusinessDaily, the imports from Pretoria to Nairobi increased by 28,3 percent in 2023.
The data, which was released by the South African Revenue Service (SARS), revealed that South Africa shipped its products worth R11,24 billion (Sh96,83 billion) to the East African country between January 2023, to the end of the year.
This is an increase from the goods South Africa exported to Kenya the year prior, worth R8,76 billion (Sh75,48bn).
Iron and steel remained the most exported product South Africa traded to Kenya, “amounting to R2,21 billion (Sh18,94 bn) followed by mineral products at R1,868 billion (Sh15,98 bn).
This was followed by vehicles, aircraft, and vessels at Sh15 billion and chemicals at R1,22 billion or Sh10,47 billion,” the report by BusinessDaily revealed.
The dominance of this sector underscored the strategic importance of both commodities in bolstering the South African economy. – Business Insider Africa
Online Reporter