Ethiopia’s first quarter export earning for the fiscal year 2010/11 (July 8, 2010 – July 7, 2011) increased 64 percent!
Nov 10,2010
Ethiopia’s first quarter export earning for the fiscal year 2010/11 (July 8, 2010 – July 7, 2011) increased 64 percent as compared to the previous fiscal year first quarter.
According to the data newbusinessethiopia.com received from the Ministry Trade, Ethiopia exported products worth 563.4 million US dollars during the first three months (July 8 – October 7, 2010) of the current fiscal year, while the country secured 342.7 million US dollars for the previous fiscal year first quarter, which is 64.3 percent less.
Income from oil seeds export has grown by 274 percent followed by 183 percent income growth from minerals export not including gold and tantalum. The Foreign currency Ethiopia earned in the past three months from gold export has also increased by 172 percent followed by 171 percent increment of income from cosmetics (hair oil) export, which the result of export diversification of the country.
Earning from vegetable and fruits export has also contributed to the overall income growth of the country during the stated period growing by 131 percent followed by 111 percent income growth from animal drug export. Ethiopia has also earned 35.3 million US dollars from live animal export during this period, 100 higher than the previous fiscal year first quarter income.
Foreign currency from cotton export, which the country banned few days ago due to shortage in the local market, has also grown 99 percent during the first quarter of this fiscal year as compared to the previous year the same period.
Income from meat export has also increased 78 percent while earning from coffee export has also augmented 76 percent during this period generating 185 million US dollars.
It is recalled that the country has devaluated its currency against major international currencies by 20 percent this September with intention of encouraging exporters and supporting investors engaged in producing imported goods locally.
During the previous fiscal year (July 8, 2009 – July 7, 2010), Ethiopia has earned a total of 2 million US dollars from export of agricultural products, minerals and some emerging manufacturing goods. It was around 25 percent more than the previous fiscal year (July 8, 2008 – July 7, 2009) income.
(source=newbusinessethiopia.com)