Export Revenues Edge Closer to $3b

Apr 30 , 2022


Over 2.95 billion dollars' worth of goods and services were shipped abroad over the first nine months of the financial year, according to the Ministry of Trade & Regional Integration. Agricultural commodities remain the primary earners, accounting for 69pc of revenues. Coffee has brought in over 750 million dollars, while cut flowers and khat have also contributed significantly. The mining sector, mainly gold, accounts for 15pc of export revenues thus far. The troubled manufacturing sector brought in close to 390 million dollars from the export of manufactured products. Despite the performance, players in the manufacturing sector continue to decry challenges in accessing foreign currency for the import of inputs, a lack of sufficient infrastructure, shortages in skilled manpower, and other financial troubles. The issues have forced nearly 400 manufacturing plants across five regions to cease operations.


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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...


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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...


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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...


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