Fana: At a Speed of Life!

Ethiopia earns $1.75bln from foreign trade in six months

Addis Ababa, February 13, 2023 (FBC) – Ethiopia has earned over 1.75 billion USD from foreign trade over the last six months of current fiscal year, the Ministry of Trade and Regional Integration announced.

The Ministry of Trade and Regional Integration as well as officials of affiliated institutions, have today discussed the performance of the first six months of current Ethiopian fiscal year.

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Speaking at the event, Minister of Trade and Regional Integration, Gebremeskel Chala said some 77.23 percent of the foreign currency earned from exports is from agricultural commodities.

Out of the revenue earned, some 10 percent is from the manufacturing sector, 6.62 percent from the mining sector, 2.9 percent from dairy and meat exports and 2.9 percent from the sale of electric power, it was learned.

Some 1.3 billion USD was obtained from agriculture, 176.7 million from the manufacturing industry, 50.2 million from dairy and milk, 116.511 million from the mining sector, 57.35 million USD from electricity and others.

The performance, according to ENA, is 76 percent of the target during the stated period, he added.

According to Gebremeskel, diminished interest in the international market and a failure to tackle smuggling of Ethiopian agricultural commodities to neighboring countries are blamed for the low performance.

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