The Ethiopian Commodity Exchange (ECX) traded over $1.2 billion (33.8 billion birr) worth of commodities in the concluded Ethiopian budget year.

Wondimagegnehu Negera, ECX's CEO, said the Exchange transacted a total of 681, 845 tonnes of commodities, surpassing its target of trading 673,057 tonnes.

Coffee and sesame were the major commodities transacted with shares of 45 percent and 34 percent respectively, the CEO pointed out.

Two e-Trade centers built at a cost of over $700,000 (20 million birr) in the city of Hawassa and Humera were also inaugurated during the last budget year which ended on July 7, 2019.

Mr. Wondimagegnehu also indicated the exchange is working to modernize its services. Enabling farmers to get access to finance using products that they stored in the warehouses of ECX is among the major plan for the newly started fiscal year, he said. The new system is aimed to help farmers improve their working capital and help ECX increase the number of its customers.

ECX's new warehouse receipt financing system will include products such as maize, niger, green mung bean, red apricot, and cotton.

The Ethiopia Commodity Exchange (ECX), which has been operational since April 2011, is a national multi-commodity exchange in Ethiopia that brings together buyers and sellers of agricultural commodities. Participants on the ECX trade spot contracts that standardize the quality, quantity, payment, and delivery of agricultural goods. Since its establishment, ECX has traded commodities worth over $8.2 billion (237 billion birr).

Sources: APA, ENA, Fana BC