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May Commodity Transactions Hit 2.8b Br

Jun 8 , 2019

The Ethiopian Commodity Exchange (ECX) transacted 55,080tn of commodities valued at 2.8 billion Br in May. Coffee took the lion’s share by contributing 29,382tn, while soybeans and sesame followed at 14,583tn and 8,902tn, respectively. Coffee transactions have shown an increase of 0.66pc compared to the same period last year. Sesame generated 563 million Br in revenue from a transaction volume of 8,902tn. Out of this amount, 72pc of volume and 74pc of value was generated from Humera sesame. Soybeans generated 231 million Br in revenue last month with a transaction total of 14,583tn. ECX also traded 2,213tn of white pea beans for 48.52 million Br. Compared to April, white pea bean transactions showed a decrease of 43pc in quantity and 34pc in value.

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New Unit to Oversee City Tax Audits

The Addis Abeba City Administration Revenues Bureau has launched a new work unit to ensure the quality of tax audit decisions through a re[1]auditing procedure. According to Adane Sule, the head of the bureau's office, the new audit quality assurance unit will seek to address gaps and malpractices that previously existed due to the absence of a similar body to verify tax audit decisions. He asserts that the unit's main goal is to re-audit decisions, verify their quality and relevance, and correc...

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Shipping Behemoth Beats Profit Target Despite Cargo Dip

Ethiopian Shipping & Logistics (ESL) announced its six-month performance report for the fiscal year, revealing a mixed outcome. While it achieved 95pc of its operational service target, handling 2,880,187tn of cargo, this represents a slight decrease compared to the same period in the previous fiscal year. The ESL attributed this dip primarily to global difficulties, notably Red Sea shipping disruptions. Despite these hurdles, the company reported exceeding its profit targets. Projecting...

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Customs Hits Revenue Target, Cracks Down on Smuggling

The Ethiopian Customs Commission announced that it has exceeded its revenue collection target for the first six months of the fiscal year. The Commission collected 203.75 billion Br, surpassing the planned 190.9 billion birr by 106.73pc, representing a 106.7 billion Br increase compared to the same period in the previous fiscal year. Commissioner Debele Kabeta noted that coordinated efforts with other institutions to prevent contraband contributed to the successful outcome, resulting in the seiz...

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