ADDIS ABEBA – Ethiopian government has recognized coffee exporters that help the country generate foreign currency in the fiscal year that ended last month.
Ethiopia is one of Africa’s largest producers of Arabica coffee, the backbone of the country’s agriculture-dominated economy. The country garnered over 1.2 billion U.S. dollars in revenue from the exports of coffee together with oilseeds during the 2018/19 fiscal year, which ended on July 7.
Authorities now want this number to increase more by adding value to coffee export. Officials of the Ethiopian Coffee and Tea Authority, late last week, held a discussion with coffee exporters on the issue in Adama city.
At the end of the discussion, the authority recognized 60 coffee exporters and farmers that provided quality coffee to the export market. According to the Authority, three companies brought more foreign currency exporting coffee after adding value to the produce.
Kerchanshe Trading Plc, Tracon Trading Plc, Adem Kedir Haji Hassen trading PLC named as the top coffee exporters, respectively.
The authority has also recognized 53 other companies, farmers that delivered quality coffee production to the export market, reported state-run news agency.
The meeting over the weekend was aimed at finding ways to increase the sector’s performance, part of the country’s drive to create value-added competitive coffee export.
Production of coffee is expected to rise to 7.35 million tons in 2019/20, a 1.4% increase from the 2018/19 season, according to a recent report by the U.S. Department of Agriculture.
Exports account for just over half of overall production and are forecast to grow 0.5% in 2019/20 from the previous year to reach 4 million bags.
Domestic demand in Africa’s top coffee consumer, on the other hand, is expected to remain robust, with the USDA expecting Ethiopian consumption to rise by 2.4% in 2019/20 compared to 2018/19.