3 November 2018

Ethiopia: Export Generates U.S.$628M in First Quarter

Ethiopia earned 628 million dollars from the export of goods in the first quarter of this fiscal year.

Out of 123 countries Ethiopia exports to, Somalia was the number one destination, while the United States and the Netherlands came second and third, according to the Ministry of Trade & Industry.

To one of the nation's biggest trade partners, China, over 42 million dollars worth of goods were exported.

Asia received the largest volume of exported goods, clocking in at 235.3 million dollars, followed by Europe and Africa.

Last fiscal year, the nation earned 2.83 billion dollars from exports, with agricultural goods making up the bulk of the revenues. The earnings were lower than the previous fiscal year and has shown general stagnation over the past three years.

Continuous years of low export performance have given way to a lopsided trade balance where the trade deficit currently stand around 13 billion dollars.

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