Ethiopia Secures over 3 bln USD from Export Trade

Addis Ababa July 17/2020(ENA) Ethiopia has secured 3.029 billion USD from export trade during the just ended Ethiopian fiscal year started on July, Ministry of Trade and Industry disclosed. 

In a presser today, State Minister for Trade and Industry, Misganu Arga said it was planned to secure 3.77 billion USD from the export during the fiscal year.

The 3.029 billion USD income accounted for 80.4 percent, which has increased by 13 percent as compared to same period of last year, he added.

The regularized work system and modernized follow-up schemes put in place over the past two years to advancing the nation’s revenue as well as enhanced collaboration among stakeholder, contributed for the registered positive achievement, he said.

He stated that 77 percent of the total revenue goes to the agriculture sector with coffee, flowers, oilseeds, Khat and grains being the major items exported to the international market during the year.

Out of the total revenue earned, coffee and flower account 28 and 15 percent respectively, while oilseeds, Khat and grains about 30 percent.  

The manufacturing and mining sectors also contributed for more than 20 percent of the total earnings.  

According to Misganu, the outbreak of COVID-19 pandemic has negatively impacted the export earnings particularly the manufacturing sector.  

Ethiopia’s export earnings during the preceding budget year was 2.67 Billion USD, it was learned.