The Ministry of Trade and Regional Integration (MoTRI) has unveiled a new strategic plan to bolster the acceptance of Ethiopian products in the export market.

The plan's primary objective is to elevate export volume and income in alignment with GDP growth. It identifies significant challenges within Ethiopia's export sector, including foreign currency shortages, a scarcity of skilled human capital, issues related to product quality, and the absence of prominent brands.

Moreover, the strategic plan emphasizes the untapped potential present in the export sector, such as the abundance of organic raw materials, high-quality agricultural and manufacturing products, valuable mining resources, and natural assets. By capitalizing on these opportunities, Ethiopia can enhance its presence in the global market.

Exporters have enthusiastically pledged their commitment to enhancing the country's export business. They have also called upon the government to take decisive action against illicit foreign currency transactions that adversely impact import-export activities.

In the 2022/23 fiscal year, Ethiopia's export trade generated more than USD 3.64 billion, 69.8% of the desired amount.

Agriculture was the main source of income, accounting for 79% of all export revenue, according to the Ministry of Trade and Regional Integration (MoTRI). Mining provided 6.90%, and manufacturing came in second with 11.79%. The final three percent came from various industries, including the electrical sector.

Source: The Ethiopian Herald

Additional source: 2Merkato Archives