Alai
Member
- May 10, 2007
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Kenya ranked top exporting country within trading block
Publication Date: 5/21/2007
Kenya tops the list of highest exporting countries in the 19-member Comesa trading bloc.
Trade and Industry minister Dr Mukhisa Kituyi with Dr David Nalo(left), PS, Trade and Industry, during the on-going Comesa Summit at KICC Nairobi, yesterday. Photo/WILLIAM OERI
According to the latest annual report produced by the Common Market for Eastern and Southern Africa secretariat, the country raked in Sh60.7 billion in 2005, emerging as the top beneficiary in the regional market.
Kenya also re-exported in the vast market, goods worth Sh32.5 billion and imported products valued at Sh12.7 billion.
Egypt came in second, exporting goods worth Sh30.6 billion and importing from other Comesa member states goods valued at Sh12.6 billion. Zambia ranked third, selling goods worth Sh18 billion and re-exporting products valued at Sh602 million. It however, bought an equally higher amount worth Sh17.2 billion.
Economic crisis
Zimbabwe, the southern African country currently facing a major economic crisis, came fourth exporting goods worth Sh11.7 billion and re-exporting Sh693 million. It also imported semi and finished products from other member states valued at Sh4.3 billion.
The report shows that the landlocked country of Uganda leads in the category of countries with the highest imports, buying from other members states products worth Sh39.5billion, and is closely followed by Sudan, which imports goods worth Sh32.7 billion.
The Democratic Republic of Congo, emerging from years of turmoil, comes in third importing products worth Sh25.5 billion, Zambia Sh17.2 billion, followed by Ethiopia, which imported goods valued at Sh13.4 billion.
The report says the economic performance of the Comesa region has been good, though still below the desired target for the Millennium Development Goals.
At the end of 2005, the Gross Domestic Product growth for the region was estimated at only five per cent, but more recent estimates put the growth rate at 5.8 per cent, it adds.
Last years growth, the document says was buoyed by the high prices of petroleum and metal products.
In the 2005/06 financial period, the oil exporting economies witnessed the highest growth, with Sudans economy growing at 13.4 per cent in 2005, before settling at 12 per cent last year.
Non-oil economies exporting mineral and metal commodities also witnessed strong growth.
According to the report, agriculture remains the major driver of the trading bloc, accounting for the lion share of the Gross Domestic Product and the leading source of foreign exchange.
The agricultural sector remains the most important sector in the Comesa region and the one with the highest potential for generating export growth, the document added.
The report adds that the agricultural sector must grow rapidly to address rural poverty, adding that the minimum agricultural sector growth rate required in the region to halve hunger and poverty rates by 2015 is an annual growth of six per cent.
Member countries, the document adds, must allocate at least 10 per cent of their national budget to agricultural development. To address intermittent food shortages, Comesa member countries are planning to adopt a maize without borders policy, to ensure that the grain moves from surplus to deficit areas, without impediments by policy regulations.
The report adds that formal grain trade across the region, in 2005, reduced due to severe drought conditions in a number of countries.
However total grain trade was valued at $19 million compared to $8 million during the 2001 baseline period, it adds.
Meanwhile, Comesa has signed a grant agreement with the United States Trade and Development Agency (USTDA), to improve air traffic monitoring and control in the region. The grant will help provide technical assistance in establishing regional air traffic management systems for upper and lower airspace.
Publication Date: 5/21/2007
Kenya tops the list of highest exporting countries in the 19-member Comesa trading bloc.
Trade and Industry minister Dr Mukhisa Kituyi with Dr David Nalo(left), PS, Trade and Industry, during the on-going Comesa Summit at KICC Nairobi, yesterday. Photo/WILLIAM OERI
According to the latest annual report produced by the Common Market for Eastern and Southern Africa secretariat, the country raked in Sh60.7 billion in 2005, emerging as the top beneficiary in the regional market.
Kenya also re-exported in the vast market, goods worth Sh32.5 billion and imported products valued at Sh12.7 billion.
Egypt came in second, exporting goods worth Sh30.6 billion and importing from other Comesa member states goods valued at Sh12.6 billion. Zambia ranked third, selling goods worth Sh18 billion and re-exporting products valued at Sh602 million. It however, bought an equally higher amount worth Sh17.2 billion.
Economic crisis
Zimbabwe, the southern African country currently facing a major economic crisis, came fourth exporting goods worth Sh11.7 billion and re-exporting Sh693 million. It also imported semi and finished products from other member states valued at Sh4.3 billion.
The report shows that the landlocked country of Uganda leads in the category of countries with the highest imports, buying from other members states products worth Sh39.5billion, and is closely followed by Sudan, which imports goods worth Sh32.7 billion.
The Democratic Republic of Congo, emerging from years of turmoil, comes in third importing products worth Sh25.5 billion, Zambia Sh17.2 billion, followed by Ethiopia, which imported goods valued at Sh13.4 billion.
The report says the economic performance of the Comesa region has been good, though still below the desired target for the Millennium Development Goals.
At the end of 2005, the Gross Domestic Product growth for the region was estimated at only five per cent, but more recent estimates put the growth rate at 5.8 per cent, it adds.
Last years growth, the document says was buoyed by the high prices of petroleum and metal products.
In the 2005/06 financial period, the oil exporting economies witnessed the highest growth, with Sudans economy growing at 13.4 per cent in 2005, before settling at 12 per cent last year.
Non-oil economies exporting mineral and metal commodities also witnessed strong growth.
According to the report, agriculture remains the major driver of the trading bloc, accounting for the lion share of the Gross Domestic Product and the leading source of foreign exchange.
The agricultural sector remains the most important sector in the Comesa region and the one with the highest potential for generating export growth, the document added.
The report adds that the agricultural sector must grow rapidly to address rural poverty, adding that the minimum agricultural sector growth rate required in the region to halve hunger and poverty rates by 2015 is an annual growth of six per cent.
Member countries, the document adds, must allocate at least 10 per cent of their national budget to agricultural development. To address intermittent food shortages, Comesa member countries are planning to adopt a maize without borders policy, to ensure that the grain moves from surplus to deficit areas, without impediments by policy regulations.
The report adds that formal grain trade across the region, in 2005, reduced due to severe drought conditions in a number of countries.
However total grain trade was valued at $19 million compared to $8 million during the 2001 baseline period, it adds.
Meanwhile, Comesa has signed a grant agreement with the United States Trade and Development Agency (USTDA), to improve air traffic monitoring and control in the region. The grant will help provide technical assistance in establishing regional air traffic management systems for upper and lower airspace.