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Ethiopia Earns $112.1 Million from Leather Exports

Ethiopia has earned more than 112.1 million US dollars from the export of leather and leather products during the just ended financial year said the Leather Industry Development Institute.

The revenue obtained in this reporting period is 7.8 million US dollars more than what was earned in the previous financial year explained the press statement from the institute.

An estimated 51.5 million US dollars of the total amount of revenue earned was acquired from the export of processed leather explained the statement. 

The primary export destinations for the leather sector have been China, Germany, Italy, Hong Kong, Thailand and the United States it was said.

The Ethiopian manufacturing sector failed to meet the projected earnings with the various sub sectors bringing in between 63% and 49.4% of anticipated earnings.

The textile and garment sub sector earned 84.6 million US dollars which falls short of the 171.4 million US dollars projected for the past fiscal year. The earnings from the sector where however 36% more than what was earned by the sector in the previous year according to information obtained from the Ministry of Industry.

Ayka Addis Textile and Investment Group is responsible for 71% of the earnings from the textile sector.

Meanwhile leather and leather products earned just 54.4% of what had been expected and pharmaceuticals and chemicals only managed to earn 58.7%.

Initial projections for the just ended fiscal period estimated 471.3 million US dollars in exports from the manufacturing sector but only 255.4 million US dollars was actually earned. The earnings were still 22.8% higher than what was earned in the previous reporting period in spite of being lower than projections.

Source: Ethiopian News Agency