Quarterly Balance of Payments Third Quarter 2023
About Report
Statistical Releases
Quarterly BOP Reports
December
2023
Overview
The current account balance improved to a deficit of KSh 122.5 billion in the third quarter of 2023 compared to a deficit of 211.6 billion in a similar period of 2022 largely supported by an improvement in the merchandise trade deficit which narrowed from KSh 373.1 billion in the third quarter of 2022 to KSh 326.2 billion in the same quarter of 2023. This was on account of a 19.7 per cent increase in exports to KSh 270.0 billion, coupled with a decline in imports to KSh 596.2 billion in the quarter under review. Despite a reduction in revenues from exports of services, the services account recorded a surplus of KSh 36.2 billion in the period under review. This, coupled with a 35.2 per cent growth in the surplus of the secondary income account further bolstered the improvement in the Current Account Balance in the third quarter of 2023 compared to the corresponding period in 2022.