ECX trades 3b birr in July

The Ethiopian Commodity Exchange (ECX) traded close to three billion birr in agricultural commodities during July.
The electronic trading facility facilitated the trading of 32,291 tons of coffee, which is the biggest and first product traded at the floor. During the month it has also traded 11,273 tons of soybeans, which recently came to ECX but still registered extraordinary performance, 5,817 tons of sesame seeds that is the second largest export earnings for the country, 1,765 tons of white pea beans, 28 tons of mung beans.
The monthly statement of ECX indicated that in total the trading floor facilitated a trading of 51,174 tons of commodities in July, which is one of the ending months for stored products of the last harvest season that is mainly from October to January.
In July, which is also the first month of the 2019/20 budget year; the trading of coffee has taken 63 percent of the trading volume and 81 percent of the value.
The share of export coffee which is affected by the lowest price rate on the international market in 13 years was 67 percent in terms of value and volume. Compared with the preceding month the green bean has shown an increase of 23 and 30 percent in volume and value respectively.
Last week the commodity exchange announced plans to include some other commodities on the trading floor including cotton.
If the trading of cotton begins at ECX, it would be a new move for the trading floor as the first industrial product.
In its 11 year operation the commodity exchange has traded food commodities, while the target is to expand its operation on other items. The electronic exchange has also targeted trading niger seeds, which is one of the oilseed products exported to different markets like the US for bird feed.
It has also announced that warehouse receipt financing will be provided on some selected products during the budget year.
In the current budget year, the trading floor has targeted to trade 35.6 billion birr worth of 788.910 tonns of agricultural commodities.
For the 2018/19 budget year 711,850 tons of commodities have been received by ECX warehouses with the achievement of 93 percent of the target and three percent higher than the preceding year.
In the year ECX traded 681,845 tons of commodities an increase of one percent from the target and 3 percent more compared with the 2017/18 budget year.
Coffee takes the highest share by 45 percent and followed by sesame seeds that stood at 34 percent. ECX wanted to trade 30.3 billion birr worth or products, while the actual amount registered 33.8 billion birr or a three percent increase.