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  • Becky Carter posted in the group Investment

    1 month, 2 weeks ago
    Kenya’s export of duty-free goods to the United States under the African Growth and Opportunity Act (Agoa) rose by 20% in 2021, crossing the KSh50 billion mark, the biggest leaps in seven years.

    The goods, mainly textile products, increased from KSh42.2 billion in 2020 to KSh50.6 billion in the review period. KNBS further says all the selected indicators under the EPZ garment and apparel subsector reported growths in 2021.

    Capital investment increased to KSh23 billion last year from 19.1 billion in 2020 while direct employment in the sub-sector increased by 10.5% to 50,359.

    Nairobi’s bid to expand its initiative beyond apparel falls short of its exports target as the volumes of tea, coffee, and edible oil, which Kenya has been shipping to the US remain low.

    Agoa allows Kenya to export selected goods (more than 6,000 product lines) at preferential terms, exempting them from paying tax.

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Becky Carter is a freelance journalist who hangs around for tips at the bustling intersection of startup news, funding, technology, business, and social impact.

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