Strong May exports signal balance of payments hope
Monday, June 29, 2020 0:01
By CHARLES MWANIKI
CBK governor Patrick Njoroge.
CBK governor Patrick Njoroge said the export numbers for May showed a stronger than expected recovery following the dip in April, led by tea and horticulture.
“We haven’t yet revised the current account deficit projection of 5.8 percent for the end of the year, but the indicators show there is an upside risk, due to the export and remittance trends.”
He said tea volumes were up 15.2 percent in May compared to the similar month last year, while horticulture shipments rose 33 percent.
On the remittances, CBK said while there was a dip in April which some players expected would go on for some months, there was a rebound in May led by South Africa and the US.
