Abrham Tekeste (PhD), Ethiopia’s Minister of Finance and Economic Cooperation, proposed a 320.8 billion Birr budget for the coming fiscal year. The budget the Minister tabled for the House Peoples’ Representatives on Thursday, June 8, 2017, was 17 percent higher than last year’s.
Ethiopia’s Ministry of Trade disclosed during the first 5 months of the current fiscal year, the nation has earned more than 1 billion USD from export trade. Nevertheless, this was still short of the target set at the beginning of the year, which was 1.7 billion USD..
Ethiopia’s export earning are up by 16.6% in the last eight months as compared to the same period in the previous fiscal year noted data released by the Ministry of Trade.
Revenue from export was 1.87 billion US dollars while earnings for the same period last year was 1.6 billion US dollars.
The increase in revenue was due to higher earnings from oil seeds and gold although the revenue from the number one national export coffee has shown a decline showed the report.
Ethiopia secured U.S $ 3.3 Billion from export in the just ended fiscal year, which is a 5.8 percent increase when compared to the nation’s performance during the year preceding it. This is partly attributable to the increase in oilseed revenue, which is the nation’s second highest export earning item.
Ethiopia’s Ministry of Trade announced the nation’s export products are on the increase.
According to the Ministry the variety of products the nation sent abroad in the past 10 months has reached 30 and the revenue U.S $ 2.6 Billion. The total revenue shows an increase of U.S $ 120 Million when compared to last year’s same period.
Amakele Yemam, Public Relations and Communications Head at the Ministry, appreciated the increase in the destination of the export products as well as the types and amount of the products. Elaborating this he said, currently Ethiopia exports 15 types of agricultural products, 10 industrial and five mineral and other products.
Amakele further noted efforts being made to export value added products instead of raw materials is encouraging especially in the textile and leather sectors.
Major destinations of Ethiopian products during the 10 months of the current fiscal year are Somalia, China, Germany, the Netherlands and Saudi Arabia.
Source: Ethiopian News Agency
