2merkato

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.

Ethiopian exports have dropped by 7% in the first quarter of the fiscal year according to the Ministry Trade. The total revenue earned from exports in the first quarter of the financial year was just 699.1 million US dollars.

The revenue from exports decreased due to lower demand for coffee and oil seeds on the international market according to the ministry.

Coffee exports to the international market raised a revenue of 199.3 million US dollars in the first quarter which ended in Oct. 10. The revenue earned from coffee was lower than the 201.9 million US dollars  earned by the nation over the same period a year earlier said the MoT. 

The revenue earned from gold exports in the first quarter of the Ethiopian fiscal year is lower than anticipated according to a report from the Ministry of Mines. Gold exports were affected by lower than projected production by traditional miners and MIDROC holding on to 90% of its production over the period in anticipation of better prices.

The Ministry of Mines had anticipated 61 million US dollars in revenue from 1361.3 kilograms of gold to be produced by the Legedembi mine operated by MIDROC. The mine has an estimated annual production of 4500 kilograms of gold and 1195 kilograms were produced in the first quarter but the company sold just 10.8% of this production due to unfavorable pricing on the market it was said. 

The revenue Ethiopia earned from the export of industrial products increased significantly in the last three years according to the Ministry of Trade.

The revenue earned from the export of industrial products in the last financial year was 22.8 higher (255.45 million US dollars) than what had been earned in the previous fiscal period (207.92 million US dollars) according to Melaku Taye, Director of Corporate Communication Directorate with the MoT.

Industrial exports had shown an increase of more than 75% in the previous two financial periods said Melaku.