Export Revenue Keeps Sliding

Jun 22 , 2019

Ethiopia earned a total of 3.6 billion dollars from exports in the first 11 months of the current fiscal year. The figure is below 40pc of the targeted performance of 3.9 billion Br. Compared to the same period last year, the value is a 196.9 million dollar, or 7.61pc, decline. The export of khat and eucalyptus trees scored higher than expected, while the export of tantalum, cereals and oil seeds went as planned, according to the Ministry of Trade & Industry. Spices, livestock, food and pharmaceuticals, minerals, natural glue, frankincense and leather products all underperformed by more than 50pc during the period. The lack of compatibility of domestic prices with international prices in agricultural products, contraband in mining and lack coordination in the manufacturing sector were stated as the reasons for the decline.


Ministry Secures $86m Grants

An 86.18 million dollar grant agreement was signed between the Ministry of Finance, UNICEF and UNFPA last week to support the agencies' ongoing country programs for the fiscal year. Out of the total grant, UNICEF committed 70 million dollars to support its water, nutrition, education, health, sanitation, child protection, and gender projects. Meanwhile, UNFPA pledged 16.1 million dollars for family planning, maternal health, adolescent and youth development, and gender equality and women empo...


Authority Reports Fuel Import Stats

Ethiopian Petroleum & Energy Authority (EPA) disclosed that 3.2 million tons of fuel were imported into the country during the last fiscal year. The figure includes 2.04 million tons of diesel and 767,672tns of benzene. In the past fiscal year, the digital payment system, Telebirr, facilitated transactions totalling 103 million volumes worth 61.8 billion Br. Of these transactions, 81.39pc were for diesel, while 17.82pc were for benzene. The number of fuel stations increased from 682 to...


Commercial Bank Collects $3.2b in Foreign Currency

The Commercial Bank of Ethiopia (CBE) announced robust performance in foreign currency collection for the past fiscal year, achieving 3.2 billion dollars in total mobilisation. This includes 2.07 billion dollars in remittances, with the Bank's Diaspora banking service and CBE Birr contributing 89.9 million dollars to the total. The performance details were shared during CBE's annual review meeting last week. "This achievement is particularly gratifying given the challenging economic climat...