2merkato

Ethiopia’s revenue from textile exports over the last two months hit 18.5 million dollars, up from 11.6 million dollars in the same period the previous year.

Textile products that contributed to the increase of the revenue included yarn and thread, garments, clothes and weaving products which contributed 4.8 percent, 9.percent, 78 percent and 8.2 percent respectively.

Late in July, it was reported that Ethiopia had earned 62.2 million dollars from the export of textile in the fiscal year to 7 July 2011 achieving 73.1 percent of its projection. The amount is a 178 percent increase from the previous fiscal year’s earning which was 23.2 million dollars.

Income from the export of Ethiopia’s staple food, the injera bread, rose to 350,000 dollars to 400,000 dollars a month.

Five years ago the monthly revenue from injera was 10,000 dollars, according to the Ministry of Industry. The ministry expects that the revenue from the export of injera around the world will rise to five million dollars during the current fiscal year.

The United States is the major importer of injera followed by Europe and the Middle East.

Allana Potash Corp., which has started feasibility study on its potash property in Ethiopia, announced yesterday that its common shares would start trading on the Toronto Stock Exchange at market open today.

Allana said that its stock symbol would remain "AAA".

Farhad Abasov, Allana's President and CEO, said that trading on the Toronto Stock Excange would enhance the company's already strong trading liquidity and attract a broader investor base to Allana.

Ayat Real Estate bought Addis Ababa Ras Hote, one of the oldest hotels in Ethiopia, for 124.4 million birr last Thursday.

Three other companies had bid for the hotel. Sheger Investment offered 121.6 million birr; GCf Plc, in a joint venture with Solomon Admassu, offered 100 million birr; and Nebeyu Ketsela, an individual, offered 100 million birr.

Ayat has already paid 46 million birr, 37 percent of the 124.4 million birr for the hotel, and is scheduled to pay the balance over the coming five years.