Ethiopia has generated more than USD 7.2 billion in export revenue during the first 11 months of the current fiscal year, according to the Ministry of Trade and Regional Integration.

Minister Kassahun Gofe (PhD) presented the Ministry’s 11 month performance report to the House of Peoples' Representatives today, highlighting the country’s export earnings and trade reform efforts. He noted that, with sustained momentum, total export revenues could surpass USD 8 billion by the end of the fiscal year.

This year's export performance surpassed the projected USD 4.59 billion target. It also marks a significant increase of 121.48 percent compared to the USD 3.26 billion registered during the same period in the previous fiscal year.  Breaking down the sectoral performance, the agricultural sector achieved 118.44 percent of its target, manufacturing reached 57.37 percent, mining surged by 425.16 percent, and electricity and other sectors met 115.91 percent of their respective plans.

The Minister detailed several initiatives aimed at modernizing the trade sector and improving economic performance. These include efforts to boost national income, combat illicit trade, reduce the cost of living, and expand market infrastructure across the country.

During the session, members of parliament raised a range of questions regarding trade regulation, export diversification, and market access, to which the Minister and other senior officials provided responses.

According to the Minister, Ethiopia is also expected to approve its much-anticipated trade implementation strategy tomorrow, paving the way for the official launch of free trade under the African Continental Free Trade Area (AfCFTA), beginning July 8 this year.

Source: Fana BC and Sheger FM 102.1