ADDIS ABABA – The export of coffee generated 130.52 million US dollars in the Month of Ginbot as revenue continues to grow at record rate for three consecutive months.
Ethiopia has exported a total of 32, 669 tonnes of coffee to the international market in Ginbot, a month that runs between May 9 and June 7, 2021.
Both the amount and revenue generated have surpassed the previous month’s performance, said Ethiopian Coffee & Tea Development Authority in a statement on Tuesday.
The Authority described the performance as “historic” as the total revenue registered during the period is now the highest-ever earning obtained from coffee exports in a single month, breaking the record set in the previous Ethiopian month, Miazia.
Durin the 30 days of Miazia, the East African nation earned 114 million US dollars after exporting 28,800 tons of coffee to the international market, exceeding the preceding month’s figure of 107 million US Dollars.
The earnings continues to rise despite the global outbreak of COVID-19, which has resulted in lockdowns in most of the countries that are major destinations for Ethiopian coffees.
For four consecutive months, Ethiopia managed to hit its target 100 per cent in coffee export sector, according to the Authority.
Despite a slight drop in the amount of export during this period as compared to the same period of the previous fiscal year, the country could get the highest value for its coffee.
A tone of Ethiopian coffee, which was sold at 3000 US Dollars last year, has been sold within a price range of 3900 and 4000 US dollars in the past four months, showing a 10 per cent increase.
“This shows that our coffees are now exported to the global market with better quality, attracting better prices,” said the Authority.
Authorities also attributed the latest result to the recently introduced coffee policy and a reform the government took in the coffee sector.
The reform allows coffee farmers, growers and cooperative unions to export their product directly to the international market without intermediaries, increasing the revenue in coffee export.
Ethiopia is the fifth-largest coffee producer and exporter in the world. The production of coffee in the country takes place over 650,000ha of cultivated land.
Featured image: A coffee tree (Photo ECTDA)