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Ethiopia's revenue for the previous fiscal year was $2.67 billion

Ethiopia's revenue for the previous fiscal year was $2.67 billion

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The Ministry of Trade and Industry disclosed that Ethiopia had received $2.67 billion in export trade from its export budget for the last budget year ending July 7, 2019.

Briefing the media on 3 August 2019, Communication Director at Ministry of Trade, Wondimu Filate said the total revenue earned accounted to about 61 percent of the planned 4.32 billion dollars for the fiscal year.

He attributed the shortfall to contraband trade, prices fluctuation in global market, lack of energy and quality of products as well as instability in some parts of the country.

According to him, the export of tantalum, pulses, oilseeds, and floriculture achieved over 75 percent of the target, while coffee, fish, electric power, textile and garment, vegetables and fruits, and tea fell from 50 to 74 percent.

On the other hand; meat, milk and milk products, spices, leather and leather products, food and beverages, honey, pharmaceuticals, minerals, live animals, chemical and construction inputs registered below 50 percent performance.

The top ten importers of the Ethiopian exports were USA, Somalia, Netherlands, Saudi Arabia, China, UAE, Djibouti, Germany, Japan and Israel.

Improving the marketing system, supporting industrial parks to become operational, expanding infrastructures, controlling contraband, financing and logistics supply for export-oriented industries, among others, the next measures to be taken, according to the communication director.

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