New Business Ethiopia

The government of Ethiopia has secured $1.33 billion from export of goods during the first six months of the country’s fiscal year started July 8, 2019.

The Ministry of Trade and Industry of Ethiopia said during the first five months of the budget year started July 8, 2019, the country has earned a total of $1.12 billion from export of different agricultural commodities, manufactured goods and minerals.

Ethiopia’s export performance which has been declining since 2012, has dropped by $170 million for the fiscal year concluded July 7, 2019 as compared to the previous year.

The governments of Ethiopia and Russia are set to expand business ties on multiple frontiers, ranging from nuclear energy development to Russians investment in mining in Ethiopia.

Partly impacted by the revocation of MIDROC Gold license of Etho-Saudi billionaire Al Amoudi, Ethiopia has missed 95% of its mining export target for the first six months of the current fiscal year started July 8, 2018.

Ethiopia earned export revenue of $1.21 billion in six months of the current Ethiopian fiscal year (July, 8, 2018 to January 7, 2019).