The pressing need to diversify exports and generate more foreign currency pushes the federal government to consider reviving an agency to promote exports. Officials expect the agency to begin work next year, following the approval of an export development strategy under preparation by experts at the Ministry of Trade & Regional Integration (MTRI).

The agency will be responsible for identifying potential markets and anchoring foreign investors to diversify export commodities, says Haimanot Tibebu, director of trade promotion at the Ministry.

It will not be a novel endeavour for the country. An export promotion agency was established in 1998 with the mandate to boost the competitiveness of exporting enterprises in international markets. It was dissolved six years ago, transferring its mandates to the Trade Ministry.

The value of Ethiopia's exports remains lower than a 10th of the gross domestic product (GDP), less than half of the average for developing countries. The dominance of primary products and a few industries with value addition in the export portfolio have been bottlenecks. Ethiopia exported items valued at 3.6 billion dollars last year, with agricultural commodities accounting for over two-thirds. This year's performance is on track for a repeat.

The export strategy is prepared based on the recommendations of a year-long study conducted by Dalberg, a consultancy firm headquartered in Switzerland. It outlines the key factors constraining exports and supports required to realise potential over the coming decade and a half. Although the agriculture and mining sectors are low hanging fruits, the study suggests that manufacturing and services are the better bet in the long run.

Ethiopia remains dependent on exporting unprocessed and semi-processed products to Europe, North America, and Asia, where the industry is light years ahead. The strategy in the making presages these markets continue to drive demand for commodities from Ethiopia in the coming decade but notes that African markets present opportunities. Less than a fifth of exports are destined for African markets.

This should be exploited as Ethiopia improves its industrial capabilities, says Haimanot.

Sewale Abate is an assistant professor of finance and investment at Addis Abeba University. He observed that fragmented value chains and a lack of traceability for export commodities have resulted in revenue leakage.

"Not much can be done without building an efficient logistics sector," he said.

The strategy looks to introduce financing schemes to boost export competitiveness and curb incessant issues with limited access to finance.