Ethiopian Commodity Exchange (ECX) has started trading red kidney beans and mung beans on its floor. The commodity exchange commenced the service on July 12, 2016.

It was after the Council of Ministers passed a regulation on pulse transaction in April that ECX launched the trading.

According to Fortune, mung beans and red kidney beans produced in Ethiopia are aimed for the export market. The major destination of the products are Germany and Sweden.

Since 2012 mung bean was traded at the commodity exchange voluntarily. On the other hand, Ethiopia earned 112 million USD from red kidney export in 2014/2015.

The reason given to trade the 2 items on ECX’s floor is to prevent illegal trade of the commodities, maximize the benefit of producers, provide producers and traders with better information, increase the country’s forex earnings by boosting the supply of the beans, and bring producers and traders closer.

Source: Fortune