Ethiopia has obtained $329 million from export trade in the first month of the fiscal year that started on July 8, 2021, the Ministry of Trade and Industry (MoTI) announced. The amount has shown a 20 percent or $54 million increase compared to the same period last year.
The achievement exceeds by almost 10 percent of the target set for the period, which is $300 million.
Khat, chemical and construction materials, food items and pharmaceuticals, oilseeds, meat, and dairy products have been the commodities that helped exceed the target, MoTI related. The export of textiles, cereals, leather and leather products has been achieved 60 to 90 percent of the target set for them. On the other hand, metal, engineering products and livestock export has performed less than 60 percent of the target.
The Ministry of Trade and Industry has stressed the need to have a system in place to provide better quality, competitive price and quantity to increase the share Ethiopia has in the global market.
Ethiopia's top export items remain agricultural products, coffee, and flowers at 25 and 13 percent, respectively in the previous fiscal year. The Ethiopian government intends to see an increasing share from the manufacturing sector, which currently contributes a mere 6.8 percent to the country's GDP.
In the fiscal year ended on July 7, 2021, Ethiopia has secured a historic high of $3.62 billion from exports, despite challenges posed by COVID-19 and the conflict in the northern region.
Source: The Ethiopian Monitor
