ADDIS ABABA – Somalia has taken over the Netherlands and become the top buyer of Ethiopian commodities during the 2020/21 budget year, which ended on July 7, 2021.
Export trade generated 3.62 billion US Dollars in the fiscal year, a record high in the export trade history of Ethiopia, that exported a range of commodities to 136 countries.
Somalia, which bought 347.83 worth of Ethiopian products, has established itself as the top destination for export trade, reveals the ministry of Trade and Industry.
In the previous year, the neighboring nation was the third-largest importer of the export trade, buying 298.2 million US dollars worth of commodities from Ethiopia.
According to the Trade Ministry, the Netherlands has become the second major destination absorbing 344.94 of the total exports of Ethiopia.
The European nation was the top destination for Ethiopian goods in the previous year importing $320.16mln or 10.5 percent of total exports.
The Ministry also put the United States as the third top market for the export trade. Commodities worth $293.3 million have been exported to the U.S. from Ethiopia, it says.
Saudi Arabia ($226.6mln), United Arab Emirates ($191.93Mln), Germany ($154.47mln). Djibouti ($137.47mln), Belgium ($104.23mln), India ($88.72mln), and Sudan ($88.19mln) make up the top 10 destinations for Ethiopia’s export trade, respectively.