The Ethiopian Textile Industry Development Institute announced that it has earned 27.2 Million US dollars from textile exports. The Institute earned this revenue in the first quarter of the current fiscal year.
The revenue is 87% more than the target set for this period according to a press statement made by the Institute. The revenue is also 18.6 million US dollars more than the amount earned in the same period last fiscal year.
A significant percentage of the money earned was generated by garments, weaving products and yarn according to the press statement. Aika Addis Textile and Investment Group, Elsie Addis Textile factores and Kombolcha Textile Share Company were major contributors to the increase in revenue the statement explained.In related news The Ethiopian Manufacturing Sector has earned an income of 72 million US dollars in the first quarter of the current fiscal year according to the Ministry of Industry.
Ethiopia has set out to acquire 471.2 million US dollars in revenue from leather, agro-processing, textile, chemical and pharmaceutical sectors this budget year according to Melaku Taye, Communication Director for the MoI. The revenue registered for the first quarter exceeded that earned in the same time period of the last fiscal year by 104.4% explained Melaku.
The revenue earned by the manufacturing year has shown an increase year after year according to Melaku. Efforts are being exerted to sustain the increase in revenue from the sector through supplying of inputs, promoting of investment, applying a transparent and modern system, increasing market ties and offering capacity building trainings he added.
Source: Ethiopia Press Agency
