International Trade in Kenya Description
International Trade in Kenya : Kenya has followed a mixed economy development strategy since independence. While the respective roles of the public and private sectors have evolved over time, the country has experienced remarkable continuity in its underlying trade strategy. However, there is a shift recently in emphasis from public to private investment. In this context, market-based reforms have been introduced and incentives for both local and foreign private investments provided.
Kenya has the potential to become not just the leading trading country in East Africa but also a leader in the whole of sub-saharan Africa.
Nevertheless, in terms of trading across borders, the World Bank rates it as only 148th out of 185 countries and Transparency International rates it as only 139th out of the 176 countries measured in terms of public sector corruption, making it one of the most corrupt countries in the world.
These two factors highlight the level of bureaucracy and other factors reducing the business efficiency of Kenya and making costs higher.
But 2013 may just be the year that Kenya can really start to move forward. With the Presidential elections behind us and a revived sense of determination in the country, there are many ways that Kenya can start to achieve its destiny.
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Perhaps the quickest way to start to improve jobs, GDP, and the balance of payments is to increase the level of exports. This can be done both by increasing the level of existing products exported and by developing new industry and products to cater for fresh or expanding markets.
This will most effectively be achieved by finding additional global destinations around the world for existing primary products and at the same time staging a concerted effort to build industry so that products manufactured or assembled in Kenya can be exported.
International Trade in Kenya and Corruption
While corruption cannot be ignored as its cost reduces competitiveness at all levels, it is the bureaucracy and official time and costs of exporting that are most damaging and limit the ability of Kenyan firms to export their goods.
According to the World Bank, it takes eight documents and 26 days with a total cost of $2,255 to export a standard 20 foot container in Kenya. This compares with a regional best (Tanzania) of four documents, 10 days and $500 or a global best of two documents, five days and $350.
The answer then to the quickest way to take Kenya forward is to increase exports by reducing corruption and bureaucracy and thus costs, and by building non primary exports.
International Trade in Kenya: Canada Export
Exports from Canada rose 0.8 percent from the previous month to a record CAD 46.4 billion in December 2016. It was the third consecutive monthly gain in exports, boosted by higher sales of energy products. By contrast, exports fell for motor vehicles and parts; metal ores and non-metallic minerals; and metal and non-metallic mineral products. Among major trading partners, exports rose to the US (0.8 percent), China (3.2 percent), the UK (2.8 percent) and Mexico (0.4 percent). Considering 2016 full year, exports fell 0.7 percent to CAD 521.1 billion, dragged by lower exports of energy products. Exports in Canada averaged 20906.61 CAD Million from 1971 until 2016, reaching an all time high of 46440.30 CAD Million in December of 2016 and a record low of 1366 CAD Million in February of 1971.