Kenya in talks to barter tea for Pakistani rice

Published 2023년 3월 1일

Tridge summary

Kenya is considering a barter trade agreement with Pakistan to import rice in exchange for tea, in anticipation of Pakistan's ongoing economic challenges potentially impacting tea trade. Agriculture Cabinet secretary Mithika Linturi is in Pakistan to discuss the proposal with Pakistani authorities. The proposed barter trade could involve Kenya importing 150,000 tonnes of rice and exporting an equal value of tea. This solution is welcomed by local tea traders who have been affected by Pakistan's financial crisis. The Kenya National Trading Corporation is spearheading the initiative, as Pakistan and Egypt, which together purchase 55% of Kenya's tea exports, continue to grapple with economic challenges that affect tea prices and volumes at the Mombasa auction.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Kenya is pushing for barter trade on tea in exchange for rice imports from Pakistan as the country moves to cushion the top buyer of its beverage in the wake of serious economic woes in Islamabad, occasioned by a shortage of dollars. Agriculture Cabinet secretary Mithika Linturi is in Pakistan where the discussion on the possibility of Kenya importing rice from Pakistan in exchange for tea to the Asian nation will take centre stage. Kenya is worried that the financial woes in Pakistan, which have affected the tea trade at the Mombasa auction may worsen in the coming months. Tea traders at the auction have been pushing for the government to embrace barter trade on the two commodities to enable Pakistan-Kenya’s largest buyer of tea to sustain its trade at the auction. Read: Tea price falls to 10-week low at Mombasa auction East African Tea Trade Association says one of the things to be discussed in Pakistan by the Kenyan team is modalities that can be put in place to facilitate ...

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