14 February 2018

Ethiopia: ECX's Trading Hits Over 14 Billion Birr

Ethiopian Commodity Exchange (ECX) announced that it has traded agricultural commodities worth 14.47 billion Birr in the first half of the 2017/18 fiscal year.

Presenting the Exchange's six months performance report yesterday, Chief Planning and Corporate Communications Officer, Abinet Bekele said that over 317,000 tons of agricultural commodities has been traded in the reported period.

According to the Officer, the trade value and volume of commodities being traded at ECX floor has surpassed the same period of previous fiscal year by 49 and 29 percent respectively.

Abinet noted that in the reported period, coffee was the leading item traded in ECX's floor and the Exchange has traded 133,818 tons of the commodity with aggregate value of nine billion Birr.

Meanwhile, Sesame is the second valued item traded in the first six months of the current fiscal year with a trade value of 5.2 billion Birr, despite surpassing coffee in volume with 166,691 tons.

ECX Deputy CEO for Trade and Market Operations, Belay Gorfu said on his part that the volume of agricultural outputs traded in the Exchange floor has exceeded by 34 percent from last year same period.

The Deputy CEO stated that the new electronic auction system implemented in coffee trading and the surplus coffee transferred from the previous fiscal year are among the major factors for the spike in number.

Belay further noted that results gained in enhancing the product and productivity of coffee and sesame coupled with the growing international demand for the commodities has also played a significant role for the success.

He said that ECX has helped to modernize country's agricultural trading system, thereby enhancing the quantity and quality of outputs. The Exchange is currently engaged in expanding its trading centers across various parts of the country.

ECX has gained satisfactory results in implementing online trading and traceability, the Deputy CEO added.

Furthermore, Mergia Bayissa Deputy CEO for Warehouse and Quality Operations said that the Exchange has expanded its warehouses in cereal and oil seed growing areas to reduce problems associated with poor storage facilities. ECX has managed to increase the number of its warehouses to 60 while at the same time expanding branch offices to 21, he added.

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