Kenya is the ninth largest economy of the African continent and is East Africa’s main economic hub. Kenya’s economy achieved broad-based growth, averaging 4.8% per year between 2015 and 2019, significantly reducing poverty, from 36.5% in 2005 to 27.2% in 2019. The economy experienced a reasonably strong recovery after the Covid-19 pandemic, albeit the country’s economy is currently affected by high inflation. GDP growth remained robust at 4.8% in 2022 (source: Kenya Overview: Development news, research, data | World Bank).
The EU is Kenya’s second largest trading partner, and it most important export market. Total trade between the EU and Kenya reached €3.3 billion in 2022, with an increase of 27% compared to 2018. Trade between the EU and Kenya is balanced, as opposed to Kenya’s trade with other major partners, with a slight surplus in the EU’s favour of €768 million.
The EU’s imports from Kenya amount to €1.2 billion and are mainly vegetables, fruits, and flowers. EU’s exports to Kenya amount to €2.02 billion and are mainly in mineral and chemical products and in machinery.
The EU is Kenya’s first export destination, with 16% of its total exports in 2022, followed by Uganda (12%) and USA (8%). Kenya is mainly importing from China (20%) and India (11%); the EU is ranked in third place, with 10% of total Kenyan imports.