Ethiopia earned 71 million US dollars from textile exports in the last ten months. The revenue earned is more than 50% higher than the amount earned at the same time last year although the revenue is 136.3 million US dollars less than expected.
Export of value added finished products has increased with garments sales increasing to 75.1%, woven crafts 5.2%, Textile fabrics 10.7% and yarn 9%.
The revenue did not meet targets because of delays in textile projects expected to become operational this financial year said Fekadu Ethiopia, Communications Expert with the Textile Industry Development Institute.
It is expected that eight new and expansion projects will be finalized before the end of the current budget year on July 8th at a total cost of 4.4 billion birr he said.Five of the projects are new efforts beginning operations with a total investment of 3.4 billion birr and expected to offer employment opportunities for three thousand people while the remaining three projects are expansion works involvoing investment of one billion birr and expected to have offer employment for 1800 people.
The projects consist of factories producing yarn, finished and knitted fabrics, and T-Shirts. Investors in the sector include domestic and international businesses from India, Pakistan and Turkey.
A big increase is anticipated in the textile production sector with a corresponding increase in revenue with plans unveiled for the industry to launch 46 additional projects in the coming years.
Source: Capital
