This archive report was first published on 26 June 2020.
Kenya's horticulture industry is facing a significant financial blow due to the Covid-19 pandemic, with losses estimated at Sh106 Million per day.
According to a report by Scope Markets Kenya, a wholly-owned subsidiary of SM Capital Markets, the industry's export volumes have been reduced by 50% since the outbreak of the pandemic.
Most European capitals went into total lockdown in March, causing shipments of flowers, vegetables, herbs, and fruits to the European Union to all but cease.
By April and May 2020, Kenya's horticulture industry was losing about $3.5 million a day, according to the Fresh Produce Exporters Association of Kenya.
Kenyan farms have drastically reduced export volumes, with a sizeable number suspending exports altogether.
Scope Markets Kenya warns that if the current situation does not improve soon, companies are facing downsizing or closure, which will result in increased poverty, insecurity, and hunger.
Published on June 26, 2020, the report highlights the bleak outlook for the industry in the coming months.
