Addis Ababa November 7, 2018 The government and the pertinent institutions are committed to exert maximum effort to balance the import and export trade of the country, according to Ministry of Trade and Industry.
Opening the Conference and Exhibition on Finance for Export and Nationwide Development today, Trade and Industry State Minister Misganaw Arega said Ethiopia’s trade balance between import and export should be narrowed to reach the long-term goals of the country.
Considering the significant contribution of export trade for the country’s inclusive growth, balancing the trade transaction will be a priority area of the government in general and the leaderships in the sectors in particular, the state minister noted.
The leaderships in the sectors should exert maximum effort to scale up the export trade in quantity and quality in the years to come.
Misganaw pointed out that all “have to also work hard to diversify our export which is mainly dependent on agricultural products.”
According to him, taking all the necessary measures such as mobilizing private and public financial institutions and combating contraband trade will be among the top priorities of the government to unlock the country’s huge export potential.
The official who indicated the huge gap between import and export of the country said lack of competitiveness in the international market, delaying products expecting better prices, and imbalance between global and local prices are among the challenges the export sector faces.
Over 80 percent of Ethiopia’s export income is obtained from agricultural products and the export earning of the country last Ethiopian fiscal year was only 2.8 billion USD.