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Ministry of Trade export targets for October were short of targets by about a third as Ethiopia earned some USD 200 million from exports. They are also slightly less compared to last year’s same time performance of USD 202.5 million.
MoT had projected an income of USD 300 million in October. The earnings are 4.25 percent of the ministry’s targets of just above USD 4.7 billion, for this fiscal year.
However, the ministry achieved beyond its target export of minerals excluding gold, flour, food items and hair oil. The ministry’s targets for other products however were met only ranging from 99 percent to 50 percent. These included beverages, live animals, honey, ‘khat’, coffee, leather and leather products, spices, flowers and wax.
Meat, natural gums, cereals, oil seeds, readied fruit products, vegetables and fruits, tea, animal vaccines, cotton and tantalum were among other products that met less than half of their targets.
The largest export earner for Ethiopia was coffee. This was followed by gold, ‘khat’, live animals, flowers, oil seeds and leather and leather products.
Abdurahman Seid, Public relations Deputy Coordinator at MoT, said the export performance was short of targets during the period because some products such as unfinished leather products stopped being exported. Meanwhile, new products entered the export market during this season.
He also said his ministry, together with the Ethiopian Revenue and Customs Authority (ERCA), is working on orientation courses for exporters, controlling illegal trading activities and implementing measures against it as well as ways to reduce product contamination and facilitating improved inputs to the central market.
One way the ministry is doing this is by strengthening product storage and contract administration.
He did mention the fact that hoarding is artificially inflating prices and that some exporters are not honoring their agreements.
The last four months have seen an increase, however, of the 24.4 percent from the same four months last year. About USD 960 million came from exports this year as compared with USD 766 million last year same period.
However, the four month export performance was short of USD 248 million from its target of just about USD 1.2 billion.
Gold was the largest earner during the four month period with USD 60 million, followed by live animals at USD 32 million, oil seeds at USD 22.2 million, textiles at USD19.3 million.