Ethiopia-Economy

Ethiopia: Four-month export trade fetches $1.28b

APA-Addis Ababa (Ethiopia)

Ethiopia earned $1.28 billion from export trade during the first four months of the current fiscal year which began on July 8, 2021.

“Our plan for the period was to obtain $1.31 billion from exports, and we have earned $1.28 billion, which is over 97 percent performance against the target,” said Gebremeskel Chala, Minister of Trade and Regional Integration, in a press briefing on Wednesday.

The total export value has shown a 17 percent increase as compared to the same period last year with Ethiopia’s top trade official attributing the growth to the structural reform being implemented at the ministry.

“We hope that these reforms of structure will continue to improve the export and earnings,” said the Minister.

The four-month revenue is a good indicator that the country is on track to achieve its target of securing $5 billion revenue from the export trade this year.

Sector-wise, agricultural produces have continued to be the top generators of foreign exchange for Ethiopia, contributing 71 percent or $904 million of the total revenue obtained in the four-month period.

 Mining and manufacturing sectors, on the other hand, generated $188 million (15percent) and  $157 million (12percent), respectively.

Chala said more focus will be given to boost both the quantity and quality of export goods to increase earnings.

The East African nation earned a record-high $3.62 billion from the exports of goods last year. 

The figure is over half a billion dollars greater than what was registered last year.


MG/as/APA

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