Ethiopia-Economy

Ethiopia gets over $894m from coffee trade

APA-Addis Ababa (Ethiopia)

Ethiopia has secured more than $894 million revenue from its coffee trade in the first three quarters of Ethiopian fiscal year which began on July 8, 2021.

The revenue was generated from more than 210, 000 tons of coffee exported to the international market during the nine-month period, said Shafi Umer, Deputy director of Ethiopian Coffee and Tea Authority (ECTA) on Monday.

 Both the revenue and volume figures have shown 74.5% and 43.66 % increases, respectively, as compared to the same months of the last year.

Overall, the sector has achieved 133 percent of the export target set for the nine-month period.

The Deputy Director has attributed achievements to a range of measures taken including quality improvement, modernizing the trading process and various systems devised to benefit coffee farmers.

Shafi also said the Authority has also been strictly following up the coffee export process, starting from the farm to exporting the commodity to the global market.

Accordingly, some corrective measures were taken including illegal traders and those who engaged in hoarding coffee in bulk.

Authorities seized 87 million birr worth of coffee from illegal traders in the past nine months, according to the ECTA.

The nine month performance put the nationwide on track to not only achieve the export target set for the sector but also break its annual coffee export revenue record.

Africa’s top coffee producer obtained a new revenue of $906 million from coffee export last year and targets to secure over a billion US dollars by the end of the current 2021/22 budget year.


MG/as/APA

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