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{
    "id": 912966,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/912966/?format=api",
    "text_counter": 326,
    "type": "speech",
    "speaker_name": "Sirisia, JP",
    "speaker_title": "Hon. John Waluke",
    "speaker": {
        "id": 2792,
        "legal_name": "John Waluke Koyi",
        "slug": "john-waluke-koyi"
    },
    "content": "THAT, aware that Kenya’s trade deficit has been on the increase in the past few years with the financial year 2016/2017 deficit being estimated at Kshs1.1 trillion; noting that, the deficit is mainly attributable to the exports worth Kshs594 billion against imports amounting to Kshs1.7 trillion, driven mainly by the more than doubling of food and machinery imports amid slow-moving exports; concerned that, the widening deficit has continued to pile pressure on the shilling against other global currencies such as the dollar; alarmed that, the high demand for the dollar to fund imports has been forcing the Central Bank of Kenya (CBK) to intervene, depleting Foreign Exchange reserves even as the country continues to incur foreign debts; cognizant that the rising imports amplified by flat exports portends a difficult operating environment for local enterprises and farmers thereby denying Kenyans employment opportunities when locals lose out to foreign manufacturers and farmers; notwithstanding the effects of protectionism policies which contribute towards affecting local industries and farms abilities to compete in international markets; this House resolves that the Government urgently puts in place measures to bridge the huge trade deficit including by providing incentives to potential investors and farmers, supporting local production through promotion and protection of local industries and implementing competitive export promotion strategies. Kenya’s economy has been affected by precedence in trade balance deficit over a long period of time. Therefore, I urge this House and my colleagues to think of this trade deficit which I have brought to the Floor of the House today. For Kenya to achieve its blue print of Vision 2030 the Government has to undertake serious intervention to promote exports with an aim of arresting this situation or else the deficit will continue to widen."
}