Ethiopia gets $1.12 billion from export in five months

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.

Compared to the same period last budget year, the foreign currency Ethiopia has got from export is more by $100.7 million, according to the report of the Ministry. The export product also includes electric power sold to neighboring countries, mainly Djibouti.

The major export items of Ethiopia include, coffee, textiles, flower, khat (the stimulant plant), cereals, fruits, vegetables, meat, natural gum, live animals (cattle) tea, honey, wax, leather and leather products and tantalum. Different kinds of spices, various chemicals and constructions inputs such as marble, steel, oil seeds, fish and gold are also among the export items of Ethiopia.

Meanwhile, export of gold has been declining over the past few year because the political crisis the country has been going through, which forced the major gold producer, MIDROC Gold owned by the Ethiopian-born Saudi tycoon Sheikh Mohammed Hussein Al Amoudi to shut down its operations. As a result of the political crisis and poor performance of the export sector, Ethiopia’s foreign currency earnings from export commodities has been declining over the past year.