Five month export trade generates $1 bln

Addis Ababa, January 10, 2017 (FBC) - Ethiopia has secured over one billion US dollars from foreign trade during the first five months of the current fiscal year, the Ministry of Trade announced.

The plan was to secure 1.7 billion US dollars during the specific period, but managed to obtain 1.029 billion USD, which accounts for 60 per cent of the target.

The foreign trade earnings were obtained among other commodities from exports of cereals, natural gum, chat, oil seeds, coffee, legumes and stalk grains as well as livestock products.

The earning also obtained from export of apparel and textiles, horticulture, electronics and leather products.

Compared to earnings from the same period in last year which was 1.078 billion US dollars, this year's earnings are lower by 49 million US dollars.

The Ministry disclosed that efforts will be made to increase foreign trade earnings over the rest of the fiscal year by increasing volume and quality of commodities.

Among the exported commodities, high performance was registered in packed spices, eucalyptus trees and roasted coffee.

Cereals, natural gum and incenses, chat, oil seeds, coffee, milk and milk products, legumes and stalk grains did well on foreign market.

While meat, fish, textiles and apparel, flour, cut flowers, tea, fruits and vegetables, electronic products and leather products showed moderate performance.

Chemicals, construction materials, molasses, tantalum, spices, gum, canned fruits, gold, honey, live animals, beverages and byproducts of meat showed lower performance on the global market.

Efforts will be made to supply more commodities with better and competitive qualities over the remaining months of fiscal year to meet the national plan, the Ministry told ENA.

Posted by Amare Asrat