10 June 2018

Ethiopia: Nation Pockets $2.35b From Export

Ethiopia has pocketed 2.35 billion dollars from export of goods in the past 10 months of the current fiscal year against a target of 3.66 billion dollars. Compared to the same period last fiscal year, - there is a 64.5 million dollar increase.

The agricultural sector secured 1.79 billion dollars, while the manufacturing sector's share stood at 371.3 million dollars, an increase of 50.5 million dollars from the same period last year.

Earnings from the mining sector showed a decline of 51.9 million dollars to 167.25 million dollars, according to the Ministry of Trade (MoT).

Oilseeds, tea, khat, and electricity have shown a better performance by achieving over 75pc of the goal set for them. On the contrary, chemical and construction inputs, veterinary pharmaceuticals, textile, spices, gold, livestock and honey products performed below half their targets.

China, Somalia, the United States, Saudi Arabia and the Netherlands were the leading destination for Ethiopia's exports.

Contraband trade was mentioned as the primary factor for the low performance of the sector over the past 10 months. Last year in October, the National Bank of Ethiopia (NBE) had devalued the Birr by 15pc against a basket of major currencies to improve export goods' price competitiveness in the global market.

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