2merkato

The trade value of the Ethiopian Commodity Exchange has reached 21 billion birr in the current financial year while its trading volume has increased to 601,000 tons announced the ECX.

The trading value of the Exchange increased by 21% while its trading value showed an increase of 23% noted the company press release.

The increase in trading volume included the 52% increase in the trade in white pea beans, which reached 64,000 metric tons and a 38% growth in sesame trade to 303,000 metric tons.

Exports from Ethiopia to the United States are still much lower then would be expected in light of the African Growth and Opportunity Act enacted by the US in the year 2000 to help sub-Saharan Africa export more to the US.

Although Ethiopian exports to the United States have grown steadily to reach an estimated 144.5 million US dollars the growth is much less than that seen in other African countries.

Ethiopia hopes to emulate the experiences of countries such as Mauritius and Lesotho to enhance its textiles trade to earn up to a billion US dollars in textile exports in the coming years.

Ethiopia earned 213 million US dollars from the export of meat and livestock in the last 10 months announced the Ministry of Agriculture.

The export of livestock represents 71% of the revenue earned from exports while meat exports made up the difference. The revenue earned is just 62.5% of the targeted 340.4 million US dollars for the period.

Export earnings from meat and livestock is lower than expected because of the poor market ties the country has with the international livestock market said Tefera Deribew, Minister of Agriculture.

Ethiopia is to begin the export of Damask Oil, an essential oil extracted from Rosa Damascena (a type of rose) beginning in August of 2012. The oil will be exported by Terra plc to Germany, to a company called Walla Gmbh.

Damask Oil used for its medicinal and cosmetic benefits can fetch as much as 7500 US dollars a liter.

Terra, owned and managed by German investor Dr. Awad Ghanem has began a trial production of the rose with 532 seedlings supplied by GTZ. The company currently has 35 thousand seedlings said Wogderes Negash, Manager of the farm found in Debre Berhan.