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.


Radar

Parliament Nods for Cabinet Appointments

Federal legislators have approved five cabinet-level positions last week with a member of Parliament (MP) voted against and two abstentions were counted. Gedion Timotheos (PhD) leads the charge as the new minister of Foreign Affairs, filling in Taye Asqeselassie's shoes, where he stayed briefly before becoming the country's president. With law degrees from Addis Abeba and Central European universities, Gedion was previously Attorney General and Minister of Justice. Joining him in the redev...


Radar

Abyssinia Group Eyes Expansion with IFC Funding

Abyssinia Group of Industries (AGI), a leading East African steel producer, is poised for significant expansion owing to a proposed investment from the International Finance Corporation (IFC) which is considering a financing package of up to 50 million dollars, including parallel loans in local currency. Headquartered in Kenya, AGI operates two steel plants in Ethiopia, six in Kenya, and has mining activities in Uganda. AGI currently produces 660,000 metric tons of steel annually and employs...


Radar

Fitch Acknowledges Easing Financial Pressures, Enhanced Macroeconomic Stability

Fitch Ratings has upgraded Ethiopia's Long-Term Local-Currency Issuer Default Rating (LTLC IDR) to 'CCC+' from 'CCC-', citing easing financing pressures, improved macroeconomic stability, and increased confidence that local-currency obligations will not be part of the ongoing debt restructuring. This positive development comes as the government implements key reforms and secures renewed concessional external financing. The ratings agency has taken note of the introduction of a market-based ex...


Back
WhatsApp
Telegram
Email