ECX to Start Trading Three More Commodities

ADDIS ABEBA – Ministry of Trade and Industry has decided to trade three more agricultural produces – red speckled bean, pigeon peas, and pinto bean – through Ethiopian Commodity Exchange (ECX).

The three produces will be traded through ECX starting from September 11, announced the Ministry on Monday.

In order to increase the supply of foreign exchange earnings from export trade in the 2020/2021 fiscal year, it has been decided that three agricultural products will be traded only in ECX, according to the ministry’s statement issued on Monday.

The shortage of expert products has affected Ethiopia’s export performance despite improvement in the recently ended 2019/20 FY.

The country generated over 3.029 billion dollars from total export during the period. The three produced have been traded illegally for years forcing the ministry to trade them through ECX, according to its spokesperson’s office.

In connection with this, Ambassador Misganu Arega, state minister at the Ministry of Trade and Industry, urged the producing regions to make themselves ready for the start of the trade.

These include making legal suppliers ready to meet the required requirements, and make the necessary preparations to control illegal trade and transfer, Misganu said.

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By Mhret G/kristos