ADDIS ABABA – Export trade continues its solid performance as it generated more than 329 million US dollars in the first month of the 2021/22 Ethiopian fiscal year.
Ethiopia concluded the previous fiscal year on July 7, 2021 obtaining a historic high 3.62 billion US Dollars revenue from export despite various challenges including Covid-19.
In a statement today, the Ministry of Trade and Industry (MoTI) said the monthly revenue has shown a 20 percent or 54 million US dollars increase as compared to the corresponding month of the previous year, during which Ethiopia obtained 275 million US dollars.
The East African nation planned to collect over 300 million US Dollars revenue export in the 30-day period.
It has, however, managed to collect 329 million dollars, attaining 109.63 percent of its target for the period.
Commodities such as Khat, Chemical and Construction materials, Food and Pharmaceuticals, Oil-seeds, and meat and dairy products have performed more than the target set for the month.
The export of textiles and clothing, cereals and leather and leather products, on the other hand, accounted for 60% to 99% of the plan.
Metal, engineering and livestock export managed to perform less than 60 percent of the target, it added.
In the rest of the fiscal year, the ministry stressed on the need to further establish a system to supply products to the world market in better quality, competitive price and quantity to increase Ethiopia’s share in the global market.
Ethiopia’s export mainly depends on agricultural products with coffee and flowers contributing 25 and 13 percent, respectively, to the total export value last budget year. Authorities want to shift to manufacturing, which is contributing only 6.8 percent to GDP.