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Ethiopian Earnings from Spices, Pulses and Oilseeds Projected to Increase

The earnings that Ethiopia expects to receive from the export of spices, pulses and oilseeds are projected to increase by a third to an estimated 900 million US dollars in the current fiscal year.

The increase in revenue is related to incentives offered to investors in the sector including land for processing and warehousing and the waiving of duties related to import and export said Haile Berhe President of the Ethiopian Pulses, Oil Seeds and Spices Processors-Exporters Association.

The association is confident that the incentives will enable exporters to export as much as is made available he added.

The Ethiopian oilseeds, spices and pulses export sector has registered a revenue growth of 31 percent. Export from the sector has grown from 539 thousand tons to 608 thousand tons in the previous financial year resulting in corresponding increasing in revenue from 506.2 million US dollars to 663.6 million US dollars.

The Ethiopian oilseeds, pulses and spices export sector is showing steady growth alongside other exports according to Kebede Chane, Minister for Trade. The ministry anticipates that overall revenue from export revenue will reach 10.4 billion US dollars by the end of the development program he noted.

It is to be remembered that the country earned 470 million US dollars from the export sector in the previous sector with the oilseeds sector recording the best performance. The Ministry of trade plans to increase the revenue earned in the current fiscal year to 626 million US dollars.

Source: Bloomberg

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