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For the first time since it opened in 2008, the Ethiopian Commodity Exchange (ECX) experienced a decline in the amount of money traded despite still experiencing an increase in volume.
Currently ECX exclusively trades coffee beans, sesame seeds and haricot beans.
According to the ECX report which has yet to be approved by the ECX board, in the past fiscal year the value transacted on the trading floor stood at 22.75 billion birr, a slight decrease from a year ago when 23.41 billion birr worth of items were traded.
In terms of volume the trading floor handled the transaction of 707,011 tones of commodities in the 2015/16 fiscal year, a significant growth compared with the preceding year.
In the 2014/15 fiscal year the total volume transacted at ECX stood at 567,623 tonnes of coffee, sesame, and haricot.
Tewodros Assefa, Senior Manager for Corporate Communication of ECX told Capital that the international market determines the commodity price.
He said that the products transacted on the trading floor have growing significantly but the price was affected by the destination the products were headed to.
According to Tewodros, the prices of some commodities, like sesame, went down because the harvest of the crop was larger than normal.
“In the past harvest season, Ethiopia has collected the biggest ever sesame product in its history and other major producers like India and Sudan have also experienced a marvelous season with their sesame crops,” he said.
“On the other hand China went through an economic slowdown and since they are a major producer and buyer of sesame seeds prices decreased,” Tewodros added.
Ethiopia is one of the top five sesame seed producers and exporters in the world, because the quality of its sesame oil is high the product has been doing well. The total volume of coffee traded at ECX was 419,154 tonnes in the past fiscal year compared with 298,633 tonnes a year ago.
But in terms of trading value sesame seeds stood at 8.4 billion birr which is a slight decline compared with the 8.6 billion birr performance during the 2014/15 budget year.
Ethiopia’s major export, coffee, also saw an increase in volume but experienced a slight decrease in terms of value.
The report stated that coffee sales went down by 353.5 million birr. The transaction amount of coffee was 14.04 billion birr during the past year, but last year was about 14.4 billion birr. Like sesame the volume of coffee traded at the exchange increased to 251,475 tonnes, nowhere near the volume of sesame. A year ago the total volume of coffee traded at ECX was 228,104 tones.
The third product exclusively traded on the ECX floor is haricot beans which earned over 314.7 million birr for the traders.
According to the exchange report 36,383 tones of haricot beans were traded in the past budget year. Unlike coffee and sesame the volume of haricot beans went down at ECX. A year ago the total volume of haricot beans was 40,887 tones and earned about 427 million birrn