Export Earnings Surpass $3.6b


Export Earnings Surpass $3.6b

Ethiopia earned a record-high 3.62 billion dollars from the exports of goods last year, according to officials at the Ministry of Trade & Industry. The figure is over half a billion dollars greater than what was registered in 2019/20. The increase is attributed largely to the surge in revenue from the export of coffee and gold, the country's two top export items. Over 900 million dollars was garnered from the export of coffee last year despite the volume being 42,000tn lower than what was sent abroad the year before. Gold export generated over 600 million dollars while horticulture brought in a similar amount. Khat trails close behind, earning the country an estimated 400 million dollars. Agricultural items still have the lion's share of export products, accounting for two-thirds of the amount generated.


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Sovereign Fund Reviews Mid-Year Performance of Line Companies, Calls for Strategic Improvements

Ethiopian Investment Holdings (EIH) launched its mid-year performance review for its portfolio companies, displaying mixed results for the first half of the fiscal year. Ethiopian Sugar Industry Group (ESIG) reached 95.3pc of its sales goal, selling 64,190tn of sugar for 6.1 billion Br—a 132pc year-on-year growth—despite capacity and supply issues. The Ethiopian Petroleum Supply Enterprise (EPSE) met 92pc and 97pc of its purchase and sales targets, respectively, stating it has benefitt...


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Digital Pay Uptake Booms Among SMEs, Visa Study Finds

Over 80pc of surveyed small- and medium-sized Enterprises (SMEs) have started accepting digital payments in the last two years, according to a new Visa report titled, ‘Value of Acceptance: Understanding the Digital Payment Landscape in Ethiopia'. Citing increased convenience, the report indicates reduced fraud risk and improved efficiency as factors in the uptake. A substantial 66pc of these SMEs believe that investing in digital payment technologies will support future business growth. The...


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ILO Tackles Agricultural Wage Gap

The International Labour Organization (ILO) launched the Setting Adequate Wages in Agriculture (SAW-A) Project last week, with support from the German Federal Ministry for Economic Cooperation & Development (BMZ), seeking to promote fair wage policies, enhance collective bargaining, and support the establishment of minimum wage mechanisms to improve the livelihoods of agricultural workers. The sector employs over 80pc of Ethiopia's workforce, making it the country's largest employment sec...