Browsing: Kenya tea industry

Other major export destinations comprised the Netherlands and the United States of America, both of which accounted for purchases of 15.83 and 14.78 billion shillings, respectively.

A jump in imports, led by gasoline and industrial supplies, caused the country’s trade deficit to widen over this time period by Sh34.2 billion, which is equivalent to 10.8 per cent of the country’s GDP in the first quarter.
In spite of a 26.3% increase in exports, the country’s import bill increased by 16.6% to a total of Sh591.6 billion, increasing the trade disparity to a total of Sh351.54 billion.

The economic rebound that was seen in 2019 as the country emerged from the harshest of the COVID-19 restrictions boosted demand, enabling firms to resume production that had been halted in 2020. This occurred as the country broke out of the worst of the COVID-19 restrictions.…

Tanzania has announced plans to roll out its own tea auction, a move that would tap major players from the country as well as from neighboring Rwanda, Burundi and Uganda, shrinking the turf held by the Mombasa auction. 

The country’s push for an auction is driven by the need to lower transport costs to Mombasa and boost farmers’ earnings. 

The reach is expected to be even bigger. The new tea auction will be conducted by the Tanzania Mercantile Exchange (TMX) via an online system, whereby buyers across the world will be able to get the opportunity to participate. First incorporated in 2014, the exchange provides futures clearing and settlement services. It also maintains a central securities depository.  The TMX primarily lists agricultural futures, with sesame seed futures accounting for a large portion of trades. 

The Tanzania Board of Tea (TBT) announced that the exchange will be based in Dar …