Ethiopia has made a total of $ 1.1 billion from commodity exports during the first four months of the current fiscal year that began July 8, 2020.
Information from the Department of Commerce and Industry shows that although the government’s four-month plan was to generate $ 1.7 billion from commodity exports, it managed to get $ 1.1 billion in to get. About $ 213 million of total revenue was secured as of fourth month (October) exports.
Coffee, which represents about a quarter of the total exports of flowers, oilseeds, grains and spices, is one of Ethiopia’s most important export commodities. Besides mineral matter such as gold, gemstones such as opal have also generated hard currency for the country.
Ethiopia’s annual earnings of Ethiopia from commodity exports have declined in recent years, sometimes dropping to $ 2.9 billion. Meanwhile, it showed a slight improvement in recent years, growing to an average of $ 3.1 billion a year. On the contrary, Ethiopian hard currency spending on imported commodities has risen to an average of about $ 16 billion per year.