Tea earnings increase by Sh2bn on weak shilling, higher exports
Nairobi, March 13 -- Export earnings from tea grew by Sh2 billion last year, helped by a weaker shilling, increased volumes and higher prices of the beverage.
The earnings defied global economic shocks caused by the Russia-Ukraine war last year to stand at Sh138 billion from Sh136 a year earlier, according to the Tea Board of Kenya (TBK).
A weaker shilling against the dollar played a significant role in improved earnings as it depreciated 11.58 percent in the 12 months to December 2022, closing at Sh123.4 to the US dollar.
This was a larger depreciation than the prior year when it lost 7.24 percent to stand at Sh109.1 to the greenback. A weaker shilling boosts the earnings of exporters who sell their produce in hard currencies led by t...
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