World Economy

Brexit Hurting Kenya Horticulture Export

Brexit Hurting Kenya Horticulture ExportBrexit Hurting Kenya Horticulture Export

Britain’s decision to leave the European Union is costing Kenyan fresh-produce exporters $79,000 a day because of the pound’s slump against the dollar, the head of the industry association said, Bloomberg reported. The British currency has weakened 12% against the dollar since June 23, when the country voted to end its membership of the trading bloc, known as Brexit. That’s hurting Kenyan shippers of fruit, vegetables and flowers to the UK, Fresh Produce Exporters Association of Kenya Chairman Dipesh Devraj said. “We pay for freight in US dollars and receive payments in pounds. This makes the equation instantly bad.”