Kenyan exports defy covid 19 to rise in Q1

[Kevin85ify]

Kenya's export earnings increased by 14 percent from 157.7 billion Kenyan shillings (1.48 billion U.S. dollars) in the first quarter of 2019 to 1.68 billion U.S. dollars in the first quarter of 2020, the national statistics bureau said on Tuesday.

The Kenya National Bureau Statistics (KNBS) said that Kenya's total exports to Asia surged from 383 million dollars in the first quarter of 2019 to 411 million dollars in the quarter under review.

"There were marked increases in total exports to the United Arab Emirates (24.0 percent) and China (23.9 percent)," KNBS said.

According to the statistics agency, the major contributors to the jump in exports were increases in the domestic exports of tea to the United Arab Emirates and titanium ores and concentrates to China, as well as increased re-exports of kerosene-type jet fuel to these two destinations.

It said the African continent remained Kenya's leading export destination registering an increase of 22.3 percent in the total value of exports to 623.3 million U.S. dollars during the first quarter of 2020 and accounted for 36.5 percent of the total exports.

The data agency revealed that export earnings from Rwanda, Uganda, Sudan and South Sudan jointly increased by 107.9 million U.S. dollars from the corresponding quarter of 2019 representing a 45.9% increase.

 

[MK254]

Hehehe!! Kazi bado zinaendelea ila kwa kutumia akili na tahadhari sio kujiachia kama mifugo.

 

[Kevin85ify]

Apparently Kenya exports Jet fuel to United Arab emirates and China. I never knew that.

 

[Kevin85ify]

Apparently Kenya exports Jet fuel to United Arab emirates and China. I never knew that.

 

[BlietzKrieg]

Wengine wakiexport ndege mbili za Samaki wanawikaa hadi Dunia yote unajua. Just fish? Wakati JKIA usiku saa nne cargo planes kama 20 zinatoka Kila siku

 

[Kevin85ify]

Wengine wakiexport ndege mbili za Samaki wanawikaa hadi Dunia yote unajua,
Just fish? Wakati JKIA usiku saa nne cargo planes kama 20 zinatoka Kila siku

Forgive them their low expectations clouds their judgement.

 

[Tony254]

This is very encouraging news.

 

[msabillah]

Hahaha

Apparently Kenya exports Jet fuel to United Arab emirates and China. I never knew that.

 

[msabillah]

Hadi mafuta ya Ndege yanatoka Kenya kwenda Emirates hahhaha

Wengine wakiexport ndege mbili za Samaki wanawikaa hadi Dunia yote unajua,
Just fish?

Wakati JKIA usiku saa nne cargo planes kama 20 zinatoka Kila siku

 

[1academ]

Safi sana mazeee kazi iendeleee...mswahili nyambaf nyambaf tu!

 

[swakid]

Lakini tupo 2020 2Q, msisahau hili pia

 

[Mkikuyu- Akili timamu]

There was no corona Q1 Jan- march 2020 in Kenya..So how is this connected to 'Defying Corona?'
Every developing country grew at Q1 there is nothing special

 

[nguvusimba]

There was no corona Q1 Jan- march 2020 in Kenya. So how is this connected to 'Defying Corona?'
Every developing country grew at Q1 there is nothing special

Hawa Kenya kila kitu ni usanii hahahahha

 

[Kevin85ify]

There was no corona Q1 Jan- march 2020 in Kenya..So how is this connected to 'Defying Corona?'
Every developing country grew at Q1 there is nothing special

i) How noticeably pedestrian for a person who claims to know economics. The global supply chain has been interrupted since january 2019 due to covid 19 virus, hence the "Defy covid 19". The fact that it was affecting the global supply chain in january and Kenya's exports grew it means Kenya is quite resilient.

The world bank noted that Kenya's Q1 growth would be slowed to 2% due to Kenya's high integration into the global supply chain but Kenya has defied that prediction to grow exports in Q1. Q2 may slow down but not much, teac output has gone up 50%, horticulture exports have bounced back to 80% of their pre covid 19 levels, Manufacturing has grown especially PPE manufacturing and hygiene products where we now export to south africa, DRC, uganda, south sudan etc.

ii) Not every country, it seems you are always late to the table or too lazy to read. south africa GDP actually shrunk 2%, Angola also shrunk, Nigeria slowed to 1.5%, reason Covid 19 had interrupted the commodities market where these countries have strong representation. Oil prices dropped in Q1 and commodity prices took a beating on the international stage. Of course other factors like economic mismanagement especially in sadc countries has also affected their growth.

NB: Read the part where Kenya's exports to China grew, while china was at the peak of battling covid 19 since November 2019.Next time read the content, do not comment based on the headline.

Advice: Put less effort in trying to be Kenyan and put more effort in actual reading and research.

 

[luangalila]

Kama kuna Mkenya yeyote humu ambae ana ebook copy ya kitabu cha jwff koinange (through my african eyes) embu fanya ku share.

 

[mkorinto]

Wengine wakiexport ndege mbili za Samaki wanawikaa hadi Dunia yote unajua.
Just fish? Wakati JKIA usiku saa nne cargo planes kama 20 zinatoka Kila siku

unajisifu kuuza mafuta urusi.

 

[Mkikuyu- Akili timamu]

i) How noticeably pedestrian for a person who claims to know economics. The global supply chain has been interrupted since january 2019 due to covid 19 virus, hence the "Defy covid 19". The fact that it was affecting the global supply chain in january and Kenya's exports grew it means Kenya is quite resilient.

The world bank noted that Kenya's Q1 growth would be slowed to 2% due to Kenya's high integration into the global supply chain but Kenya has defied that prediction to grow exports in Q1. Q2 may slow down but not much, teac output has gone up 50%, horticulture exports have bounced back to 80% of their pre covid 19 levels, Manufacturing has grown especially PPE manufacturing and hygiene products where we now export to south africa, DRC, uganda, south sudan etc.

ii) Not every country, it seems you are always late to the table or too lazy to read. south africa GDP actually shrunk 2%, Angola also shrunk, Nigeria slowed to 1.5%, reason Covid 19 had interrupted the commodities market where these countries have strong representation. Oil prices dropped in Q1 and commodity prices took a beating on the international stage. Of course other factors like economic mismanagement especially in sadc countries has also affected their growth.

NB: Read the part where Kenya's exports to China grew, while china was at the peak of battling covid 19 since November 2019.Next time read the content, do not comment based on the headline.

Advice: Put less effort in trying to be Kenyan and put more effort in actual reading and research.

Boss, The only country that shutdown in Q1 (Around feb) was China and only in Wuhan. The rest of the western world + Middle east and southeast asia where most kenyan exports are sold shutdown mid march. All future contracts (if you have ever done international trading you might know what is a "future") were honoured.
You know why oil price plunged in April? Because that's when the effects of corona hit the markets and no one was willing to buy oil futures while the march stock was still in tanks.
Global trade in commodities is mostly in derivatives like 30, 60 or 90 day futures therefore " ahead" of the realities on the ground.
If you want to gauge the effects of corona on exports, start from April

 

[Mkikuyu- Akili timamu]

Apparently Kenya exports Jet fuel to United Arab emirates and China. I never knew that.

Its called price hedging on the high seas. That kerosene or jetfuel might not even reached Mombasa..some smart guy sitting at shell / total Kenya saw an opportunity to re export at higher price..Happens all the time, that is why Kenya's 'mexico' maize arrived in 3 days while mexico is atleast 2 wks sailing

 

[Kevin85ify]

Its called price hedging on the high seas. That kerosene or jetfuel might not even reached Mombasa..some smart guy sitting at shell / total Kenya saw an opportunity to re export at higher price..Happens all the time, that is why Kenya's 'mexico' maize arrived in 3 days while mexico is atlest 2 wks sailing

Of course making claims without any evidence is your forte not actual facts. Also re export is not illegal. What you have just said is not hedging that is hoarding which is illegal in a lot of countries. The last part where you are trying to be funny is actually not accurate that is called insider trading not hedging ie A business had insider knowledge about the intention to import mexican maize and they went ahead and bought it before the declaration was made by GOK.

 

[Kevin85ify]

Boss, The only country that shutdown in Q1 (Around feb) was China and only in Wuhan. The rest of the western world + Middle east and southeast asia where most kenyan exports are sold shutdown mid march. All future contracts (if you have ever done international trading you might know what is a "future") were honoured.
You know why oil price plunged in April? Because that's when the effects of corona hit the markets and no one was willing to buy oil futures while the march stock was still in tanks.
Global trade in commodities is mostly in derivatives like 30, 60 or 90 day futures therefore " ahead" of the realities on the ground.
If you want to gauge the effects of corona on exports, start from April

Hedging?? Dude you are wrong. Hedging represents a small amount of oil trade. Countries especially china import tonnes of oil for strategic reasons not hedging.
The reason oil dropped is due to demand(Flights reduced by 90%, people did not move about decreasing demand for car fuel meaning companies were left with excess oil), futures had nothing to do with it. Demand for oil slumped to negative territory in America. Quit the sophistry to try and look intelligent.

Also yes, I understand and know derivatives. Derivatives do not determine the price of a commodity (Read black scholes equation) as you tried to claim. It is the price of the base commodity on the market that determines the price of the derivative whether it is a CDO(Collateral debt obligation) or Futures. Before you comment on financial instruments try and read books on financial management by frank fabozzi. How did I know all this? I developed the software used by cyton for portfolio management and I had to catch up to years of financial management knowledge in a matter of months. Also read up on stochastic processes in mathematics.

You are also wrong Italy (March 2020), Britain (March 2020) went into lockdown in Q1, but also again I have to question your economics credentials, You do realize a lot of flight restrictions were placed in Q1 across the world? You do also realize that job losses across the world started in Q1 which means international demand slumped?

NB: If you want to understand derivatives (which from your comment you have no idea what they are) read up on black scholes equation and books written by frank fabozzi.