Ethiopia Embarks on Electronic Trading System for Soybean, Chickpea

Addis Ababa  January 16/2019 Ethiopia Commodity Exchange (ECX) embarked on electronic trading system of soya bean and chickpea today to enhance foreign trade transaction.

The system enables institutions to undertake the transactions in the electronic center that the previous transaction lacks.

The new system would enhance ease of access to provide more service to farmers, suppliers, corporate and exporters, Ethiopia Commodity Exchange CEO, Wondmagegnehu Negera said.

These agricultural commodities are needed at the international market and the system just developed will help to promote foreign exchange earnings for the country.

Wondmagegnehu disclosed that Ethiopia earned over 91 million USD from soya bean and chickpea last year.

According to Central Statistics Agency (CSA), on average 439,000 tons of chickpea and 76,000 tons of soybean have been produced, of which 54 and 58 thousands are exported respectively over the last five years.

In enhancing its accessibility, ECX opened regional electronic trading center in Hawasa and pledged to open more centers and branch offices across the regions in the future.

Horse bean and niger seed will join the electronic trading system in the next months, it was learnt.

The modern trading system launched officially at the presence of Trade and Industry State Minister, Misganaw Arega and Ambassador Fitsum Arega.