Biggest buyers of Kenya’s black tea help propel earnings by 31%
by Bloomberg Feb 29, 2024
Kenya’s earnings from black-tea exports surged 31% to a record last year as sales by the world’s largest shipper of the leaves increased, the nation’s tea board said.
Earnings climbed to 180.57 billion shillings ($1.23 billion) in 2023 as the East African country exported 522.92 million kilograms (1.1 billion pounds) of the leaves, 16% more than a year earlier, the Tea Board of Kenya said in a statement Thursday.
The unit price climbed 13% to 345.32 shillings after Kenya’s currency weakened against the dollar, according to the state corporation.
Kenya exports tea to 92 destinations, with 10 countries including Pakistan, Egypt, and the UK accounting for 83% of the volume bought.
Pakistan — the biggest buyer at 40% of total volume — increased imports of tea from Kenya by 15% last year to 209.59 million kilograms, the board said.
The Russia-Ukraine crisis and internal conflict in Sudan have hampered shipments to the UAE, Russia, Sudan and Chad.
The nation will seek more bilateral agreements to forestall foreign-exchange challenges, according to the board.
Bloomberg
© Bloomberg
The author’s opinion are not necessarily the opinions of the American Journal of Transportation (AJOT).
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