Capital Ethiopia Newspaper

Ethiopia earns USD 2.8 bln from exports

Ethiopia earned over USD 2.8 billion during the 11 months of the just concluded current fiscal year 2011/12; reaching 68.4 percent of its export target of USD 4.1 billion in the 11 months according to data obtained from the Ministry of Trade. The Ethiopian Government aimed to earn USD 4.56 billion in the 2011/12 Ethiopian Fiscal year from the export of items.          
The figures which were below the target were however boosted by the May export figures, of USD 331.5 million. However this figure had only met 78 percent of the May export target set by the government which stood at 425.2 USD million.
The 11 month export targets of Ethiopia were also deficient in the number of export items but managed to meet the target with exports of Tantalum, honey, minerals other than gold and miscellaneous products achieving beyond the target.
Coffee which generates the bulk of revenue of exports  is still the single largest foreign exchange earner for Ethiopia, earning the country USD 714.4 million, followed by gold at USD 529.3 million, a figure surpassing the whole of last year’s 2010/11 Ethiopian Fiscal year mineral exports of Ethiopia and oil seeds coming third with USD 430.2 million.
Khat although below the government’s export projections still earned the country a hefty USD 221.1 million. Other key export items which followed suit were livestock’s at USD 191.6 million and horticulture exports at USD 180.3 USD million.
In total revenues earned from just 14 export items stood at USD 2.762 billion in the 11 months period earning 98.2 percent of the country’s export revenues.
Even though the 11 months export targets were below government export revenue projections, it was however bigger by 15.4 percent from the same time last year’s export revenue which stood at USD 2.44 billion.