ECX Trades over 39 Billion Birr Worth Commodities in Fiscal Year

July 15/2021 (ENA)   The Ethiopia Commodity Exchange (ECX) announced that it has traded 39.6 billion Birr worth commodities in the just concluded Ethiopian fiscal year.

ECX Chief Executive Officer Wondimagegnehu Negera told journalist today that 614,586 metric tons of commodities, with coffee and sesame contributing 35.5 and 31 percent of the total volume, respectively, were traded.

Ethiopia has secured 3.6 billion USD from export this fiscal year, higher than the 3.029 billion USD in the preceding budget year, the CEO said, adding that out of this 902 million USD was obtained from coffee, which was exchanged through ECX, and over 600 million  USD from gold.

According to him, ECX has also collected 1.7 billion Birr tax in the fiscal year and transferred it to the government.

Wondimagegnehu further said 430,680 quintals of soybeans have been traded at a cost of 990 million Birr through a special marketing window to provide inputs for agro-processing industries.

The CEO stated that ECX earned a total of 775 million Birr from operational and non-operational sources in the just ended budget year, which is 106 percent of the plan. The performance is 20 percent higher than the last budget year.

ECX and Ministry of Mines and Petroleum signed in May a memorandum of understanding to modernize the mining market chain, Wondimagegnehu recalled, pointing out that ECX is looking to introducing opal, sapphire, and emerald to its exchange system in the upcoming budget year.