Ethiopia’s textile export earnings in the past 9 months has shown significant decline by only generating 65 million USD. The target for the period was 110 million USD.

According to Ethiopian Textile Industry Development Institute, income generated in the 9 months has dropped by 18 million USD when compared to the same period last year.

Commenting on the issue Taddese Haile, State Minister for Industry, said the slip was because of low performance, failure to expand market and business administrative issues of larger companies. Low quality and quantity along with investment projects’ failure to commence production as per planned were other reasons for the decline in performance, he added.

Currently there are 60 companies, out of which 32 are foreign companies, operate in Ethiopia’s textile and apparel sector.

Source: Fana Broadcasting Corporate