2merkato

Ethiopia has earned 3.1 billion US dollars in revenue from foreign trade in the just ended financial year according to the Ministry of Trade.

The revenue was earned from the export of 1.25 million tons of items exported during the fiscal year according to Amakele Yemam, Public Relations and Communications Director with the ministry.

The revenue earned in this last financial year was 14.8% higher than the 2.7 billion birr raised in the previous reporting period.

Ethiopia has earned 654 million US dollars from the export of minerals including gold, platinum, tantalum and decorative stones and gem stones in the just concluded fiscal year according to the Ministry of Mines.

The mining sector is becoming a significant source of export income according to Bacha Fuji Director of the Public Relations and Communications Directorate with the ministry.

The sector targets generating foreign currency as well as adding value to the GDP with 455 Million US dollars of the total revenue earned by artisan miners he noted.

Ethiopia earned more than 255 million US dollars from the export of manufactured goods in the just ended budget announced the Ministry of Industry.

The revenue was earned from the export of manufactured products including, leather and leather products, textile and clothing, chemical and pharmaceutical products and agro processed products according to Melaku Taye Director of the Public Relations Directorate of the ministry.

A notable portion of the revenue earned from manufactured goods was raised by Ayka Addis Textile and Investment group said Melaku.

Ethiopian exports from Ethiopia in the just ended financial year are 100,000 tones short of the projected exports according to an unofficial source.

The exports are below projection and lower than what the country exported last year although exports did show signs of increasing in the final two months of the concluded fiscal year noted experts.

The demand for coffee was reduced by the international economic meltdown that has affected major export destinations and the bumper harvest acquired by the world’s largest producer of coffee, Brazil.