ADDIS ABABA – Ethiopia has earned 2.39 billion USD from exported commodities in the last eleven months of the 2018/19 fiscal year, ministry of trade and industry said.
The revenue is 1.53 billion USD short of ministry’s target for the period, which was 3.92 billion USD.
The ministry, in a statement sent to The Daily Monitor, said the achievement is 61 percent of the target.
The performance has also shown a 7.6 percent decrease as compared to the similar period of the previous 2017/18 fiscal year. During which, export trade generated 2.59 billion USD.
During the period, the ministry statement described Eucalyptus and Khatt as top export performers during the past eleven months of the fiscal year.
“These commodities have outperformed their target,” the statement reads.
Commodities such as oilseed, cereal, and tantalum export have performed 75 to 99 percent of their target.
Electric power, coffee, textile, flower, tea, fruit, and vegetable have failed to hit their targets, with their performance ranging from 50 to 74 percent.
Commodities that have registered lower than 50 percent export revenue threshold include leather and leather products, food and beverage, pharmaceuticals, meat, live animals, and minerals.
The statement accused exporters of inactivity to buy commodities from the local market and have them ready for export as per the agreement with the ministry.
The issue of “under-invoice remains to be a challenge”, said the ministry, adding that lack of collaborative work among major players continues to holding export trade back.
The ministry has also called for all stakeholders to work against contraband trade, especially minerals, and illicit border trades.