ADDIS ABABA – Ethiopia has observed encouraging results in export performance but failed to hit its revenue target for the first half of the 2019/20 Fiscal year that started on July 08.
The nation earned over 1.3 billion US dollars revenue from exporting various products during the past six months, according to Ministry of Trade and Industry.
Spokesperson of the ministry, Wondimu Filate said the amount shows about a 10 percent increase when compared to the 1.21 billion USD during the same period last year.
However, the revenue obtained in the period is lower than the 1.66 billion USD target.
Wondimu said coffee, cereal, textile, chat, oilseed, spice, flower, leather, livestock and other products exported have been exported to 137 countries during the period.
Somalia, the Netherlands, and the US were the major export destination countries for Ethiopian products.
The spokesperson also said commodities such as coffee, chat, spice, flower, fruit and vegetables, leather and leather products managed to generate better revenue as compared to the same period last year.
Livestock, gold, pharmaceuticals, milk, meat, honey, and chemical and construction materials, on the other hand, underachieved during the period.
Efforts are underway to create an enabling environment for ease of doing business in order to increase export, Wondimu told reporters on Tuesday.
The latest online trade registration and licensing system is expected to improve the performance of the export sector that has been declining, according to state-run news agency ENA.
The low performance in the sector is the result of lack of foreign exchange, security, a modern trading system as well as insufficient agricultural supply, among others, the report said.