Ethiopia earns $475.3 million from two-month export

Addis Ababa (WIC) – Ethiopia earned 475.3 million dollars from two months export, Ministry of Trade (MoT) said.

The performance showed a significant improvement from the same period last year in which the nation earned nearly 300.8 million dollars, Abdurahman Seid, public relations and communications directorate deputy director at MoT, told WIC.

However, the performance failed short of MoT’s ambitious target of 776.1 million dollars with the ministry achieving 61.2 percent of its target.

Ethiopia’s export is showing a sharp growth over the past decade.

According to Amakele Yimam, public relations directorate director at MoT, the sector has registered a 25 percent growth over the past nine years.

For the current budget year, the Ministry has envisioned to obtain 5 billion dollars in revenue. At the end of the Growth and Transformation Plan period the ministry hopes to generate  10 billion dollars from export.

“To achieve the target we are working to improve market link and diversification and add new export commodities,” Amakele said.

Trade agreements signed with various countries have opened up new market opportunities for Ethiopia, Amakele added. He said the ministry is also working to fill financial and logistical gaps to improve the export sector.

Coffee, Ethiopia’s main export commodity is exported to 52 countries worldwide. Amakele said efforts are underway to diversify markets for other export commodities of the country.

Next to coffee, Ethiopia’s export commodities include leather and leather products, live animals and meat, oilseeds and pulses, natural gum and incense.

Source: Waltainfo.com