Ethiopian Coffee and Tea Authority announced $525.6 million has been obtained in five months from the export of coffee, tea and spices. The amount exceeds the target set for the period by 43 percent.
During the five months of the Ethiopian fiscal year that started on July 8, the Authority stated, it had set a goal of exporting 114,335.63 tons of coffee, tea, and spices for $367.56 million, and has ended up exporting 138,552.16 tons for $525.6 million. The achievement exceeds the volume target by 21 percent, and the financial target by 43 percent.
Compared to the same period last year, the coffee, tea, and spcies export figures have shown an increase of 51,298.87 tons (58.79 percent) in volume, and $244.5 million (86.98 percent) in income.
Coffee took the lion's share accounting for $515.08 million of the total amount, obtained by exporting 133,113.74 tons, against the target of obtaining $358.81 million from 108,035.7 tons. The achievement exceeds the target by 23 percent in volume, and 44 percent in income. Compared to the same period last year, the amount has shown an increase of 51,546.65 tons in volume, and $240.81 million in income.
During the month of November alone, 17,191.21 tons of coffee has been exported for $50.12 million. The target for the month was to export 25,937.32 tons of coffee for $100.62 million. The achievment exceeds the target by 51 percent in amount, and by 101 percent in income. Compared to the same period last year, the figures show an increase of 10,484.59 tons (67.85 percent) in amount, and $55.6 million (123.48 percent) in income.
The top three export destinations for Ethiopian coffee during the five months have been Germany (32,889.92 tons, $109.79 million, 25 percent share), Saudi Arabia (19,287.87 tons, $66.31 million, 14 percent share), and Belgium (13,252.26 tons, $55.02 million, 11 percent share). Japan, the USA, South Korea, Italy, China, France and Taiwan have been the remaining top ten Ethiopian coffee importers, respectively, accounting for 83 percent of the total volume exported, and 82 percent of the income garnered. These top ten Ethiopian coffee importer nations have collectively exported 77 percent more Ethiopian coffee in volume, and 100 percent more in finances compared to last year.
Source: Ethiopian Coffee and Tea Authority, Press Release