Kenya Quarterly Balance of Payments (BOP) Third Quarter, 2016

The current account deficit narrowed by 10.4 per cent from KSh 112,377 million in the third quarter of 2015 to KSh 100,687 million in the corresponding quarter of 2016. Merchandise trade balance, which significantly influence the current account balance, expanded by 2.3 per cent to a deficit of KSh 217,999 million in the third quarter of 2016 reflecting a faster decrease in exports compared to the decrease in imports on f.o.b basis. Net earnings from international trade in services increased by 69.8 per cent to KSh 34,745 million. The increase was on account of increased travel receipts boosted by conference tourism during the third quarter of 2016. The surplus in the travel account more than doubled from KSh 12,281 million in the third quarter of 2015 to KSh 25,868 million in the corresponding quarter of 2016. Remittance inflows from Kenyans living in the diaspora continued to grow during the quarter under review to register KSh 43,569 million from KSh 40,627 million in the third quarter of 2015.