Kenya Quarterly Balance of Payments Second Quarter, 2019

Abstract

The current account improved to a deficit of KSh 107.6 billion in the second quarter of 2019 compared to a deficit of KSh 122.0 billion in the corresponding quarter of 2018. This was mainly driven by the narrowing of the merchandise trade deficit by 1.7 per cent from KSh 277.7 billion in the second quarter of 2018 to KSh 272.9 billion in the corresponding quarter of 2019. Merchandise exports declined by 7.5 per cent while merchandise imports declined by 3.8 per cent. During the second quarter of 2019, net inflows of international trade in services decreased marginally to a surplus of KSh 38.3 billion. However, diaspora remittances increased by 8.1 per cent to KSh 80.8 billion boosting the secondary income account to a surplus of KSh 149.2 billion in the second quarter of 2019.