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- May 11, 2013
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Uraia pacha unazidi kuinemeesha Kenya, Wakenya wanapiga hela huko na kuzituma balaa, yaani wamepitiliza kila aina nyingine ya mapato ya nchi...
Kenya is now earning more foreign exchange from diaspora remittances than each of its major exports – coffee, tea and horticulture – in spite of persistent criticism of a poor diaspora policy.
The latest figures from the Central Bank of Kenya reveal that the country’s diaspora remittances rose by 8.34 percent to $4.027 billion in 2022, closing in on exports, which brought in $5.77 billion worth of foreign currency in the same period.
Compared with 2021, Kenya’s total exports rose 7.5 percent, a slower growth rate than the diaspora remittances, which are projected to keep growing as the world’s economy continues to recover.
Tea, Kenya’s leading export, earned the country $1.2 billion in 2022, followed closely by horticulture at $901 million, chemicals ($521 million), coffee ($301 million) and petroleum products ($77 million), highlighting the crucial role of remittances in bringing in foreign currencies.
The administration of President William Ruto says it is paying more attention to the diaspora and has since established a state department to respond to specific issues of Kenyans abroad.
www.theeastafrican.co.ke
Kenya is now earning more foreign exchange from diaspora remittances than each of its major exports – coffee, tea and horticulture – in spite of persistent criticism of a poor diaspora policy.
The latest figures from the Central Bank of Kenya reveal that the country’s diaspora remittances rose by 8.34 percent to $4.027 billion in 2022, closing in on exports, which brought in $5.77 billion worth of foreign currency in the same period.
Compared with 2021, Kenya’s total exports rose 7.5 percent, a slower growth rate than the diaspora remittances, which are projected to keep growing as the world’s economy continues to recover.
Tea, Kenya’s leading export, earned the country $1.2 billion in 2022, followed closely by horticulture at $901 million, chemicals ($521 million), coffee ($301 million) and petroleum products ($77 million), highlighting the crucial role of remittances in bringing in foreign currencies.
The administration of President William Ruto says it is paying more attention to the diaspora and has since established a state department to respond to specific issues of Kenyans abroad.
Diaspora remittances now Kenya’s largest foreign exchange earner
Mutua and Njogu have reiterated the new government’s commitment to look beyond the remittances and support the wellbeing of the Kenyan diaspora.