2merkato

The Merchandise Wholesale and Import Trade Enterprise of Ethiopia revealed the pre-conditions for the government contract to import oil in a letter sent to the Public Procurement and Disposal Agency.

The move is in anticipation of the expiry of the government contract with oil suppliers from Singapore, Indonesia and Malaysia in the coming May.

The Ethiopia Commodity Exchange has lifted the minimum price limit of coffee to allow prices to adjust to the declining coffee prices on the New York Reference market.

As of last week the price of Arabica Coffee has shown the sharpest decline since last October of 2010 on the New York commodity future exchange market.

The price for Arabica registered last week was a 16 month low dropping to 1.8620 a pound.

Beer Export by BGI Ethiopia increased by 30% in the last fiscal year according to the company.

The 30% increase exceeded the 20% average annual growth registered by the company over the last years.

BGI exported 3,152 hectoliters of beer in the 2010-11 fiscal year, as compared to the 2,416 hectoliters it exported in the previous financial year. Exports by BGI in the last fiscal year earned an estimated 300,000 US dollars.

Ethiopia has earned 1.35 billion US dollars from the export of various goods in the first two quarters of the Ethiopian financial year according to the Ministry of Trade.

More than 35 kinds of agricultural and industrial products were exported to and estimated 120 countries across the world during the course of the financial period said Abdurahman.

Exports included coffee, khat, gold, oil seeds, live animals, leather and leather products, flower, garments, fruits and vegetables, meat and spices which make up 1.3 billion US dollars or 97% of the total revenue raised he said.