Ethiopia Obtains $676mln Revenue from Two-Month Export Trade, Exceeds Target

ADDIS ABABA- Ethiopia’s export trade in the first two months of 2021/22 fiscal year has generated 676 million US Dollars, surpassing the target set for the period.

The East African nation planned to obtain 643 million US dollars in the first sixty days of the current budget year, which started on July 8, 2021.

On Friday, Minister of Trade and Industry, Melaku Alebel said Ethiopia has managed to achieve 105 percent of its target and obtained 676 million US dollars.

The figure has also shown a 16 percent increase as compared to the same period of the previous fiscal year, during which export trade generated 581 million US dollars.

– Agriculture Dominates –

Agricultural commodities have continued to dominate Ethiopia’s export trade, contributing at least 74 percent of the two-month revenue.

Coffee, flowers and Khat combined have generated 61 percent of the earnings obtained from agricultural product export trade, data from the ministry shows.

Manufacturing has contributed 13% of the total earnings, with commodities, such as textile (5%), meat and dairy(3%) as well as food and beverage (3%), playing a major role in the trade.

Mineral export accounted for 11 percent of the total value of $676 million export earnings in the two-month period. Gold export alone has generated almost all (10%) of the sector’s contribution.

Last 2020/2021 fiscal year, Ethiopia earned 3.6 billion US dollars from export of different commodities.