Apr 15 , 2023
Over 60qtl of rice was traded electronically at the Ethiopian Exchange Commodity (ECX) floor for 383,232 Br two weeks ago. Authorities at the exchange added the rice commodity to their floors this year. Officials disclosed that electronic trading will enhance the profitability of producers and traders and transmit trade information faster and more easily. Rice is mainly harvested from Amhara, Oromia, Benishangul Gumuz, Southern, Gambela and Tigray regional states. After officials launched the online Integrated Commodity Exchange Trading System, they are able to trade online from their digital accessories from anywhere. The new system will have access to membership, warehouse operation and payment. The officials also said that the annual production of rice increased from 1.32 million tons to two million tons in four years beginning in 2016, where the 60pc of the production accounts to small-holder farmers. Exporters have thus far been trading by coming to the Exchange office or logging into regional electronics trading sites. The electronics exchange centre is currently found in the capital, Sidama, Amhara, Oromia and Southern Nations regional states. Ethiopian Commodity Exchange began operation 15 years ago with an Open Outcry Trading forum. However, through the years, it has cooperated with software companies to upgrade itself and has been making way through online trading since 2015.
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