Nation Earns over 1.2 Bln USD from Export in four Months

November 24/2021 (ENA) Ethiopia has earned 1.28 billion USD over past four months, which is close to 98 percent of the 1.31 billion USD target, according to the Ministry of Trade and Regional Integration.

During his press conference today, Trade and Regional Integration Minister, Gebremeskel Chala said the 1.28 billion USD earned in the past four months is a good indication to achieve the over 5 billion USD plan for the current Ethiopian fiscal year.

“Our plan was to generate 1.31 billion USD and we have earned 1.28 billion USD in four months, which is over 97 percent performance against the target,” he said.

According to him, agriculture, manufacturing and mines contributed 71, 12 and 15 percent to the total export revenue respectively.

Out of the total earnings, 904 million USD was obtained from agriculture, 157 million USD from manufacturing and 188 million USD from mines, it was indicated.  

The minister attributed the 17 percent increment of export earnings performance in the past months compared to the same season to the structural reform being implemented in the ministry.

“We hope that these reforms of structure will continue to improve the export and earnings,” he said.

Ethiopia’s export revenue, which has been below 3 billion per year in average for several years, has reached well above 3 billion USD last year that was largely attributed to the economic reform undertaken in the country.

Moreover, Gebremeskel said that works to produce and import wheat have been underway in order to fill the demand.   

In addition, activities to import edible oil and sugar are also well underway, he added.

“The demand and supply of edible oil and sugar are almost balanced, but the wheat supply has gaps considering the demand,” he said.

The ministry is supplying 286 million liters of edible oil, 7 million quintals sugar and 400 metric ton of wheat purchased  from domestic and international markets it was learned.