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Ethiopia’s export for January fails to meet set target by 43 percent. The total registered export revenue remains at USD 236 million despite efforts gearing to the target of USD 415 million, according to data obtained from the Ministry of Trade (MoT).
The USD 236.3 million Ethiopia earned from exports accounts to about 5 percent of the Ethiopian Government’s aim of earning USD 4.56 billion in the 2011/12 Ethiopian Fiscal year.
However mineral exports, excluding Tantalum, performed above the expectations. Tantalum export failed to meet the export target by over 50 percent contributing to the decline in exports. Other products which contributed above expectation in terms of export revenue were honey, veterinary medicine and wax.
While items such as khat, oil seeds, livestock, flower and cereals’ export had performances ranging from 99 percent to 50 percent of the target.
Alarmingly other big foreign currency earners such as coffee, the largest export item, textiles, meat products, fruits and vegetables, cotton were below 50 percent of the export targets.
Abdurahman Seid, MoT’s public relations deputy coordinator, said the disappointing export figures for January were created partly because of price instability in the international coffee market, but also due to the increase in price and consumption of coffee locally that highly discouraged export. Another reason he noted was problems related to late delivery as well as non delivery of coffee from farmers and distributors in addition to hoarding by some traders.
Nevertheless MoT is optimistic that the revenue from coffee will increase in the next five months of the current fiscal year.
Meanwhile, revenue from the January 2012 export are 15.4 percent more than the same period last year, supported by price increase in items such as gold, oil seeds, livestock and meat products. In total seven items showed a USD 63.7 million revenue increase.
Revenues in other important items exhibited strong decline compared to the same period last year with coffee showing a decline of USD 21.4 million followed by Tantalum at USD 2.7 million and leather and leather products at USD 2.5 million.