Kenya Trade Data | Kenya Exim Data - Kenyatradedata.com

HS stands for the Harmonized System, which was developed by WCO (World Customs Organization). Nowadays, customs officials must use the HS code to clear every item entering or crossing international borders. How will you determine the HS codes? Although the HS code improves the classification of internationally traded products, the process of consideration can be confusing and complicated. Still, at the same time, it is essential to correctly classify products according to the correct HS code to avoid the goods being detained at customs or to prevent penalties due to incorrect classification. The HS is logically designed by economic activity or its constituent material. It is divided into 21 sections and sub-divided into 99 chapters. The HS Code has six digits. The first two digits of the HS code which represent the HS chapter The middle two digits represent the title The last two digits define the subheading. What is the importance of HS codes in global trade? Proper taxation by govern...

Kenya’s economy improved significantly in 2021 over 2020, with most sectors showing considerable improvement. According to the 2022 Economic Survey, the country’s Gross Domestic Product (GDP) increased from -0.3% in 2020 to 7.5 percent in 2021. The Gross Domestic Product (GDP) is the total market value of goods and services generated by a country’s economy during a certain period. Kenya’s economy has grown as a result of the easing of Covid-19 limitations and a favorable micro-environment, according to the Kenya National Bureau of Statistics (KNBS). Kenya will receive Sh2.1 trillion in income in the 2021–2022 financial year, according to KNBS Director-General George Obudho, with taxes accounting for more than 80% of that total. “The economy is predicted to have increased by 7.5 percent in 2021, compared to a decline of 0.3 percent in 2020,” Obudho stated at the Kenyatta International Convention Centre (KICC) in Nairobi during the unveiling of the 2022 Economic Survey Report. The comeba...

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