Manufacturing Exports Generate $500m Despite Trade Restrictions

Jul 17 , 2022

The export of manufactured goods brought in half a billion dollars of revenues in the financial year ended this month, according to the Ministry of Industry. It is over 100 million dollars more than what manufacturers brought in the year prior. The manufacturing sector has been among the hardest hit by the foreign currency crunch, leading to a shortage of raw materials. The predicament has pushed manufacturing industries' average capacity utilisation rate below 30pc. In recent years, more than two dozen factories have been forced to close their doors. The revenues come despite Washington's decision to debar Ethiopia from the African Growth & Opportunities Act (AGOA) – a preferential trade regime that allows eligible countries to export goods duty and quota-free to the American market. The textile industry was the primary beneficiary of AGOA. Ethiopia generated 240 million dollars two years ago, exporting under AGOA, representing 40pc of the total shipments the country sent to the US. Sandokan Debebe, chief executive officer (CEO) of the Industrial Parks Development Corporation, disclosed last week the federal government submitted a formal request to President Biden’s Administration to reinstate Ethiopia under the AGOA privileges.


ZamZam Bank Joins Commodity Exchange Payment System

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AfDB, ADF to Chart Transformation Path at Diamond Jubilee

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Big Art Sale Returns to Addis

The annual Big Art Sale returns to Addis Abeba this weekend. Over 100 artists are expected to showcase their original works and prints at the Hilton Addis. What's Out Addis in partnership with the Hilton Hotel is behind the event that showcases the works of over 100 artists. Big Art Sale has been around for the past 18 years showcasing paints and prints. According to organisers, it offers a chance to meet the artists and enjoy a variety of art forms with a dedicated Kids' Corner and food and...