ADDIS ABABA – Ethiopia has secured more than 500 million US dollars in revenue from coffee export in the first four months of the current fiscal year, country’s Coffee and Tea Authority (ECTA) announced on Monday.
The nation plans to ship 360,000 tons of coffee to the international market and secure $1.8 billion during the 2022/23 fiscal year, which started on July 8.
ECTA’s General Director Adugna Debela said encouraging results have been recorded in the efforts to hit the target set for the year.
The nation has also obtained $526 million from coffee export in the last four months, Adugna said during a consultative meeting with Colombian and Spanish coffee experts on Monday.
The four-month total revenue is $126 million higher than the total earnings secured in the same months last year.
Ethiopia is Africa’s largest exporter of coffee Arabica and relies on earnings from the crop as a major source of foreign exchange.
In recent years, Authorities have been taking quality measures to further boost coffee export value in addition to expanding the destination for its crop.
These measures paid dividends last year with the commodity fetching a record high of $1.4 billion in earnings last year. It also saw new countries like China ranking among the top 10 destinations for Ethiopia’s coffee export.
Germany, Saudi Arabia, Belgium, U.S., UAE, South Korea, China, Japan, Italy, and France consequently were the top 10 buyers of Ethiopian coffee in the first quarter of the 2022/23 FY.