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
Ethiopia's exports to Europe have grown at an annual rate of six percent over recent years under the European Union's 'Everything But Arms' (EBA) agreement, according to the EU Ambassador to Ethiopia.
Ethiopia’s Ministry of Finance signed a financing agreement of $907 million with the World Bank today. The financing is aimed at providing support in three areas: improving access to financing for small and micro enterprises, electricity investment, and the fight against COVID-19.
The first-of-its-kind biodiesel refinery plant is to go operational in December 2018 in Adama Industrial Zone, with an annual biodiesel production of over 70 million liters. The biodiesel refinery will make use of 1.4 million hectares of reforestation, of the drought resistant biofuel plant Jatropha, to provide renewable biofuel resource. This is one of the ten similar plants API plants to build by 2025, which are expected to generate a total of 730 million liters of biofuel annually.
API, African Power Initiative, has set out to launch this commercial biodiesel refinery after erecting a successful pilot refinery plant. Marcos Bitew, CEO of API, said that their team is “incredibly excited and gratified for the world to see our vision of sustainable energy production coming to fruition in Ethiopia.”
