Nation Secures 2.4 Billion USD from Export in 10 Months - ENA English
Nation Secures 2.4 Billion USD from Export in 10 Months
Addis Ababa, June 9/2020 ( ENA) Ethiopia has earned 2.4 billion USD from export trade during the past ten months of this Ethiopian budget year, according to Ministry of Trade and Industry .
Ministry Communication Director-General, Wondimu Flate told ENA that the revenue earned has increased by 271 million USD as compared to same period last year.
Coffee, flowers, horticulture, oilseed, textile, gold, and meat are the major items exported to the international market during the stated period.
According to Wondimu, the newly introduced Export Trade Administration and Contract Regulation that obliges exporters to declare the amount of export item, buyer, estimated price as well as date of export have contributed to the increase in revenue.
“Exporters registered under the ministry are now obliged to sign a contract document that clearly shows date of export, amount of product and estimated price. Based on these information, the ministry will send a letter to the National Bank of Ethiopia as well as to Customs and Revenues Commission in order to have oversight of the transaction,” he stated.
The new regulation has helped not only to closely regulate the transaction but also and obtain additional revenue that could have been lost due to lack of close regulation, it was learned.
The director-general said intensified efforts made by the government and Ethiopia’s diplomats in the importing countries made the difference despite the lockdown measures taken by several countries to contain COVID-19.
“Many countries had canceled their contract agreements with us due to the Coronavirus. However, through the negotiations and discussions held between the countries and our embassies as well as consulates, we managed to conclude agreements and export 980 tons of sesame, 616 tons of chick pea and 120 tons of white haircut beans. So this really made a difference in our general export earning”, Wondimu elaborated.
He specified that increasing demand for Ethiopian Coffee Arabica and flowers helped to gain over 665 million USD, that is 86 percent of the target, and over 367 million USD or over 100 percent of the planned target respectively.
Prime Minister Abiy Ahmed, in his briefing to the House of People's Representatives on Monday, also noted that export has increased by 13 percent in the past ten months.