Ethiopia Secures $2 Billion in 7-Month Export Trade

ADDIS ABABA – Ethiopia has secured more than two billion US dollars from export trade in the last seven months, the Ministry of Trade and Regional Integration disclosed on Monday.

The figure is over $700 million dollars short of the the target which trade authorities set at $2.726 billion

The Trade Ministry also expects a $5.4 billion revenue from 2022/23 fiscal year export trade – 30% higher than the amount secured last  year.

Several challenges are now posing threats in the bid to achieve the target.

Speaking on the seven month performance, Meafin Ayele, Senior advisor to the Trade minister, gave three reasons causing the export trade to underperform.

The first two, he said, were shortage in export commodities supply and drop in demand in the global market.

Contraband was also the other reason that the advisor said adversely affected the export trade. 

Its impact particularly on the Khat export was significant, Ayele said in a statement the Ministry issued on Monday.

Ethiopia shipped nearly 23 million tons of Khat to the international market in the last 7 months, securing $161.9 million.

As per Ministry of Trade report, Agriculture remains the major contributor to the country’s foreign trade, generating  77.2% of the total revenue.

Manufacturing and mining sectors have also generated 9.84% and 6.88% of the seven-month export revenue, respectively. 

The remaining 3.27% was secured from electricity and other export trade, the ministry added.