Ethiopia has earned a record $1.5 billion from export of coffee during the first nine months of the current Ethiopian fiscal year which began on July 8 last year, the Ethiopian Coffee and Tea Authority (ECTA) disclosed Tuesday.
Director General of the authority Adugna Debela, in a briefing, said the revenue has surpassed the target by more than 37 percent for the period.
He said the country has exported 299,607 tons of coffee to earn the stated sum of revenue.
The authority attributed the growing revenue to the government’s reform, which resulted in increased coffee production, productivity, and quality, which in turn gave rise to higher export volumes.
Ethiopia is projected to generate 2 billion dollars from coffee exports in the 2024/2025 Ethiopian fiscal year by exporting more than 400,000 tones of coffee.
Regarded as the birthplace of Arabica coffee, Ethiopia earned over 1.4 billion dollars from coffee exports in the previous fiscal year.
The ECTA said Saudi Arabia, Germany, and the United States have been the first three major export destinations of Ethiopian coffee during the period, while Belgium, South Korea, the United Arab Emirates, and China are in fourth to seventh positions.
MG/as/APA