Export Revenue Shows First Increase in Years

Nov 9 , 2019

Ethiopia generated 723 million dollars in exports in the first quarter of this fiscal year. The amount is 15pc higher compared to the same period in the previous fiscal year and satisfies 90pc of the government’s target for the quarter. Goods were exported from Ethiopia to 128 different countries in the world. The Netherlands was the biggest export destination for the country, buying 82 million dollars worth of goods from Ethiopia. The European country was followed by Somalia, the United States, and Saudi Arabia as the top export destinations. Almost a quarter of a billion dollars was made from Ethiopia’s top export commodity, coffee. Germany, buying 46.8 million dollars worth of coffee, was the top export destination for the commodity. Ethiopia’s export performance has been declining for the past three years, having stagnated under three billion dollars despite a currency devaluation and the operationalization of export-focused industrial parks.