ADDIS ABABA – Ethiopia’s export trade revenue is expected to show a 30% increase in the 2022/23 fiscal year compared to the previous year, according to the Trade and Regional Integration Ministry (MoTRI) plan.
During the recent ended 20221/22FY year, export trade generated over $4.12 billion, showing a 13.81% increase from the previous $3.62 billion annual earnings.
The figure, however, was slightly less than the $4.63 billion target authorities set for the year.
During a meeting with exporters Wednesday, State Minister of trade Kassahun Gofe revealed a $5.4 billion annual revenue target for export trade – 30% higher than the amount secured last year.
According to Kassahun, the Ministry will build on positive results attained in the sector in recent years, encourage and closely work with exporters who are playing a major role in the progress, and continue its promotion efforts to secure new markets.
More focus will also be given to increasing the volume, variety, and quality of the export commodities to attain the export target, the state minister told the oilseeds and pulses exporters.
The meeting is a part of a series of consultative discussions with exporters engaged in subsectors under the ministry’s supervision this week.
As per MoTRI, close to 222, 916 tons of oilseeds are expected to be shipped to the international market during the current fiscal year.
This will increase the income from oilseed export by 26.2% from last year’s $263.78mln and generate $333.02 million, said Bezawit Mekonnen, who is in charge of the export trade department at the Ministry.
The country also targets to export 274,785 tons of pulses and secure $262.1 million – a figure 22.3% higher than last year’s $213.306mln, according to the MoTRI.
Following an underperforming year, exporters from the livestock sector are also preparing to ship 333,000 live animals to the international market and bring in $46 million in revenue.
Last year, only 46 of the 130 registered exporters were able to supply live animals to the international market, causing the annual revenue to drop to $28.6 million from the preceding year’s $47 million.
In addition to improving the supply line, Bezawit said the Ministry will step up its support to exporters and hold regular discussions that aim to resolve challenges in their respective fields.