Trading

Bench Majji Earns 900 Mln Birr from Coffee

The Bench Majji Zone of the Southern Nations and Nationalities and People's Regional State earned about 900 million birr from sale of over 11,480 tonnes of coffee supplied to the market over the fiscal year which ended on 7 July 2011, the market cooperatives department of the zone said.

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Factory Starts Exporting Textile Products

Earns $3 mln from export, plans cotton production on 30,000 ha   

Else Addis Industrial Development P.L.C, a textile factory, announced that it had started exporting textile products to different countries around the world.

The first time the company exported its textile products was in March. It exported textile products to the United States, Russia, Ukraine and the Far East countries, Dilek Durular, project coordinator of the company, said. 

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Ethiopian Coffee Brand to be Promoted in China

Ethiopian Coffee Exporters' Association (ECEA) and the Chinese Guangzhou Coffee Association (GCA) signed yesterday a memorandum of understanding (MoU) for the promotion of the Ethiopian coffee brand in the emerging market of China.

The MoU was signed by Emebet Tafesse, vice president of ECEA, and Lin Guangchao, chairman of GCA, during a ceremony held in the ECEAconference hall.

The MoU is designed to create a joint partnership between the Ethiopian Coffee Exporters' Association and the Guangzhou Coffee Association for the purpose of encouraging coffee consumption and culture.

The ECEA statement said that the two associations had agreed to assist Ethiopian coffee exporters and Chinese coffee importers to come together and promote coffee trade and investment between citizens of the two countries.

The MoU includes for the two associations activities like organizing and carrying out coffee-related researches and promotional programs.

Source: Walta Information Centre

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Food Inflation Exceeds 40 Percent

The price of food rose to 40.7 percent in May from 32.2 percent in April according to Central Statistical Agency’s (CSA) consumer price index released on Tuesday, 14 June 2011.

The prices of most food items, especially, barely, butter, coffee, maize, pepper, pulses, teff, wheat and others rose in May 2011 as compared to May 2010, the consumer price index indicates.

Food price was deflating at the beginning of the current fiscal year. But since September prices have been escalating after the birr was devaluated against the dollar by 17 percent. The overall annual year on year inflation has now reached the two-year mark.

In May this year, the annual inflation had reached 34.7 percent from 29.5 percent in April. The latest figures follow the decision at the beginning of this month to lift the price cap imposed on 15 of the 18 consumables whose prices were set by the government since January.

After assessing the situation in Ethiopia, the International Monetary Fund mission three weeks ago said that rising prices would slowdown the country’s economic growth. IMF’s prediction put Ethiopia’s economic growth for the coming fiscal year at around six percent which contrasts with the government’s estimate of 11 percent.

Source: Capital

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Textile Products Exports Earn Ethiopia $ 8.2 Mln

Ethiopia earned over 8.2 million dollars from the export of garments and textile products this year, the Textile Industry Development Institute announced.

Compared with the income earned last year, this year’s earning has increased by 164.5 percent. The institute said in a press statement over the weekend that the amount of revenue the country earned in May this year exceeded that of the same period last year by 5.1 million dollars.

By May 2009, the country had earned 3.1 million dollars from the export of textile products for the 2008/09 fiscal year. Garments, textiles, yarn and fabric products earned about 59.8 percent, 19.8 percent, 19.3 percent and 1.4 percent respectively.

Those which earned the highest income in the textile and garment industry include Ayka Addis Textile & Investment, MAA Garment Factory, Kombolcha Textile and Adama Yarn Factory. Value-added apparel accounted for 49.3 percent among the exported items of the general textile products this year.  

Source: Fortune, ENA   

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