ADDIS ABABA – The Ethiopian Commodity Exchange (ECX) has officially begun trading of five agricultural produces including four spices on its floor today.
Today’s launch is a part of the ECX’s plan to further increase the number of commodities it traded this year.
Senior government officials have helped the Exchange to officially launch the trading of Vetch as well as four spices – Coriander, Fenugreek, Black Pepper, and Black Cumin.
On the day, a quintal of Black Cumin was traded with 26, 500 Birr while a quintal of Greenish Fenugreek sold at 12,000 Birr, reports the Exchange.
Spices are mostly grown in coffee growing areas of Ethiopia which produces more than 348,000 tons annually.
Their inclusion to the ECX electric floor will benefit at least 1.1 million farmers and their families by increasing farm gate value and reducing transaction costs, said the Exchange.
With the addition of the new commodities including Vetech, the ECX now trades 17 products on its floor.
Trade Ministry Officials also said the addition of the five products to the digital trading system would make Ethiopia export quality products to the international market, and generate more Forex.
Established in 2008, ECX aims to “to ensure the development of an efficient modern trading system” that would protect the benefits of all actors including farmers taking part in the transaction.
In its 13 years history, the exchange facilitated the trading of 7.13 million metric tons commodities with the value of 308 billion birr, it reported at the end of last fiscal year.