Ethiopia has earned $327.87 million from export of 86, 288 tons of coffee in the first quarter of the Ethiopian fiscal year which ended on October 10, 2021.
The Ethiopian Coffee and Tea Authority on Thursday said the revenue has seen $143.08 million increase as the volume grow by 32, 845 tons compared to same period of the previous fisical year.
The Authority has put Germany, Saudi Arabia and the United States as top three destinations for Ethiopian coffee during the three-month period, which started on July 8, 2021.
Accordingly, Germany imported a total of 21, 336 tone (25 percent of the total) coffee from Ethiopia, resulting in $66.78 million (20 percent) in revenue.
More than 12, 380 tones (14 percent) of coffee have also been exported to Saudi Arabia in the same period, bringing in $40.83 million (12 percent) revenue.
Belgium, Japan, South Korea, Italy, China, France and Australia rank from 4 to 10 as top 10 destinations for Ethiopian coffee in terms of revenue generated.
Overall, the Authority reports Ethiopia has exported a total of 88, 920 tons of Coffee, Tea and Spices in the first quarter of the ongoing budget year and obtained $333.5 million.
The performance has shown an impressive records with both the export volume and value exceeding the target set for the three-month by 14, 220 tone and 88 million US dollars, respectively.
The East African nation set to collect $245.7 million after exporting 74, 700 tons of the commodities in the period.
“This revenue will significantly support the foreign exchange earnings of country’s export trade,” says the Authority. “It is also an indication of the bright future the export trade has,” it said
MG/abj/APA