Jan 28 , 2023
Exporters are to trade digitally with overseas buyers through an online Integrated Commodity Exchange Trading System. The electronics exchange centre is currently found in the capital, Sidama, Amhara, Oromia and Southern Nations regional states. According to Netsanet Tesfaye, corporate communications manager at ECX, exporters have thus far been trading by coming to the Ethiopian Commodity Exchange office or logging into regional electronics trading sites. They can now trade online from their digital accessories from anywhere. The new system will have access to membership, warehouse operation and payment. Ethiopian Commodity Exchange began operation 15 years ago with an Open Outcry Trading forum, but through the years has cooperated with software companies to upgrade itself and has been making way through online trading since 2015. For the past five months, 1.5 billion dollars in revenue had been generated from the export sector. Oil seeds account for 72 million dollars, while crops and khat earned 74.6 million dollars and 116.5 million dollars, respectively. Last week, the CEO of Ethiopian Commodity Exchange (ECX), Wendmagegnehu Negerana, and Ethiopian Artificial Intelligence Insitute director, Worku Gachena, signed a project charter to build the online trading system to be completed in the next six months.
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