Capital Ethiopia Newspaper

Exports rake in $1.35bln

The Ministry of Trade announced that Ethiopia earned a total of USD 1.35 billion from exports in the first six months of the 2011/12 Ethiopian Fiscal year, 68.7 percent of its target of USD 1.96 billion.
Coffee was still the commanding export product of Ethiopia despite its share of exports decreasing proportionally,  helping earn Ethiopia USD 314.1 million, followed by Gold at USD 258.8 million, Oil seeds at USD 144 million, Chat at USD 128.2 million and Livestock at USD 116.6 million rounding up the top five export products list.
Flowers brought in  USD 90.3 million, Leather and leather products USD 65.8 million, Cereals USD 63.8 million, Textiles USD 43.8 million, meat USD 43.3 million, Fruits and Vegetables USD 21.2 million and spices USD 16.5 million. In total these 12 products collectively earned the country 97 percent of its revenue or approximately USD 1.3 billion.
Although the figures for the six-month export performance were below MoT’s target it was still higher by USD 233.4 million or about 21 percent more than the same period last year.
The ministry’s figure revealed that Gold posted an increase of USD 79.6 million followed by Oil seeds at USD 41.2 million, Livestock at around USD 40 million, Leather and Leather products at USD 25.2 million and Textiles at USD 22.7 million. In total 14 products posted a total increase of USD 258 million in the stated period.
However six export products including Coffee, Oil seeds and Tantalum posted net decreases of USD 24.6 million compared to the same period last year. The country plans to earn 4.7 billion USD from exports in the 2011/12 fiscal year.
Abdurahman Seid public relations deputy coordinator of the Ministry of Trade (MoT) said the ministry plans to improve coffee exports by providing training in the quality and control mechanisms to everyone involved in the industry including the small scale farmers.
He also said it would involve in facilitating the correct information to the Ethiopia Commodity Exchange (ECX) in order to export it correctly and control illegal exports and contraband products.
However the new mechanism will also extend to 10 other agricultural forest products such as cereals, eucalyptus and sesame.
Abdurrahman also said they will arrange meetings with cooperative unions, exporters associations and the National Bank of Ethiopia (NBE) to create partnerships and coordination between these bodies in order to facilitate the trading of products on the ECX.