ADDIS ABABA – Coffee, Tea, and Spice exports generated 356.9 million US Dollars in revenue in the first quarter of the 2023/24 Ethiopian fiscal year.
The revenue was secured from 70,480 tonnes of the commodities supplied to the global market, according to the Ethiopian Coffee and Tea Authority (ECTA).
Both the export volume and value, however, showed a significant drop as compared to the same period last year during which the country exported 75,401 tons of coffee, tea, and spice worth $429 million.
Speaking to the state-run Ethiopian news agency, ECTA’s Deputy Director Umer Shafi blamed the underwhelming performance on several challenges stemming from global economic headwinds.
Coffee, in particular, suffered from a drop in demand from buying nations, the Director General said.
The UAE, Sudan, Saudi Arabia, South Korea, the US, Indonesia, Japan, the Netherlands, and Kenya were among the top destinations for commodities.
To achieve the sector’s annual target, the authority said it would take measures focusing on increasing supply and export quality as well as expanding markets.
The country plans to ship 364,000 tonnes of coffee, tea, and spices to the global market and secure $1.97 Billion during the current 2023/24FY.