Export Generates $1.28 Billion in Four Months

ADDIS ABABA – Ethiopia earned a total of 1.28 billion dollars from exports in the past four months of the 2021/22 fiscal year, attaining 97% of its target.

“Our plan for the period was to obtain $1.31 billion from exports, and we have earned $1.28 billion, which is over 97 percent performance against the target,” said Gebremeskel Chala, Minister of Trade and Regional Integration, in a press briefing on Wednesday.

The total export value has shown a 17% increase as compared to the same period of last year with Ethiopia’s top trade official attributing the growth to the structural reform being implemented at the ministry.

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

The four-month revenue is a good indicator that the country is on track to achieve its target of securing $5 billion revenue from the export trade this year.

Sector-wise, agricultural produces have continued to be the top generators of foreign exchange for Ethiopia, contributing 71% or  $904 million of the total revenue obtained in the four-month period after

Mining and manufacturing sectors, on the other hand, generated $188 million (15%) and  $157 million (12%), respectively.

Gebremeskel said more focus will be given to boost both the quantity and quality of export goods to increase export earnings.

The east African nation earned a record-high 3.62 billion dollars from the exports of goods last year. The figure is over half a billion dollars greater than what was registered in 2019/20.

– EM/Agencies

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