The volume of commodities exchanged via the Ethiopian Commodities Exchange (ECX) exceeded 500,278 tonnes in 2003. It was
announced yesterday that trading for this last Ethiopian fiscal year has shown an increase of 128% over the 223,000 tonnes traded last year, in a report given by Dr. Eleni Gebre Medhin, CEO of ECX at the Sheraton Addis.
The commodities exchange market saw a marked increase in trade and sound financial showing to match expanding operations in 2003 (Ethiopian Calendar) said Dr. Eleni.
The value of the Commodities exchange grew 179% to 18.7 billion from 6.7billion last year according to the report by the ECX CEO. She also mentioned expansion in the capacity and distribution of operations by the trade as well as improvement in clearing and settlement, finance, member participation and other areas.ECX warehouses and laboratories increased regionally from 30 to 57 while the total warehousing facility of the ECX grew to 2.9 million bags from 1.4 million bags according to Dr. Eleni.
The ECX set goals of increased progress in the new Ethiopian year. The trade has plans to launch new commodities and four new services boosting its operational capabilities by 20%. Preparations have also been made for Futures Trading’, improved trade involvement by members, and raising the participation of farmers by 8%.
It is to be remembered that the Ethiopian Commodity Exchange (ECX) announced plans to double the agricultural items it trades to eight in the coming year and to introduce forward trading and futures market within three years in June of this year.
