VenturesNow

Kenya climbs to 4th position in global flower exports, earns over $800 in 2017

Published

6 years ago

October 8, 2018

Red Lands Roses in Kenya produces some of the boldest shades of roses, from a glossy red to a bright yellow and even a vivid pink. Every single bundle of flowers is carefully prepared for export to several countries, with China being one of their biggest markets.

This flower farm is just one of many in Kenya, which is the fourth largest exporter of cut flowers in the world. In fact, Kenya’s floriculture industry earned more than $800 million in 2017.

“On a daily basis we export 36,000 tons from this country,” said Clement Tulezi, the CEO of Kenya Flower Council. “So we are moving into a place where we want to market ourselves better, we want to brand ourselves better as a country, and also brand the Kenyan flower.”

And now, Kenya’s fragrant beauties are finding their way to farther shores.

“We are doing Beijing, we are doing Shanghai, and we are doing Guangzhou,” said Irene Nkatha, the sales manager of Red Lands Roses. “We started with one shipment per week, now we are doing two to three shipments per week. The distance is short. It’s only one day to go to Guangzhou, it’s only two days to go to Beijing.”

One of the main companies Red Lands Roses exports to is Jiuye Supply Chain in Guangzhou.

“We chose to introduce flowers from Kenya to China because of the vast number of varieties they grow, including some that you can’t find in other regions,” said Qi Bo, the director of Jiuye Supply Chain’s flower department.

The length of Kenya’s flower vase life is also an attractive quality for many.

“When you export like a stem today, it will take 14 days to 21 days in vase,” Nkatha said.

Qi Bo said there is a 25 percent yearly increase in demand for flowers from Kenya in China, and the company expects to double its imports to five million in 2018.

“In 2017, we imported 2.5 million flowers from Kenya,” he added. “Kenya has advanced breeding and planting skills as well as the cool-chain storage and transport technologies, which China is lacking.”

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VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

18 hours ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

VenturesNow

Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”