ADDIS ABEBA – Ethiopia’s export revenue has failed to hit its eight-month target, with the country generating close to two billion US dollars in the period.
Ministry of Trade and Industry revealed on Friday that the country has garnered over 1.8 billion US dollars in the first eight months of the 2019/20 Ethiopian fiscal year which started on July 7, 2019.
In a presser held at the ministry’s new office located at 4 Killo area, spokesperson of the ministry Wendmu Filate said the country has achieved about 79 percent of its target set for the period.
The target was 2.3 billion US dollars, he said.
When compared to a similar period of the previous fiscal year, the amount has also lowered by 171 million US dollars.
Several reasons have contributed to the decrease in export revenue of Ethiopia – a major supplier of coffee and flowers to Europe.
The ministry said the coronavirus (COVID-19) pandemic was one of the factors.
The pandemic has forced the Ethiopian government to remove the minimum price set by the National Bank of Ethiopia on flower export.
Apart from the impact of COVID-19, the ministry said contraband trade and the absence of industrial inputs political instability in parts of the country, among others, are contributing factors worth mentioning.
– Coffee remains key –
Wendmu said coffee has remained the major export revenue generator for Ethiopia with 467 million US dollars contribution.
The other major products that have contributed to the export revenue flowers with 339 million USD, oil seeds with 188 USD and cereals with 133 million USD.
Besides, live animals and lather products export have generated 129 million USD and 40 million USD, respectively, he said.
By Sissay Sahlu