Ethiopia has earned $1.33 billion in revenue from export business over in the first half of this fiscal year which began in July 8, 2019.
The earning represents 80 percent of the target set for the first half budget year, Wondimu Filate, Director at the Ministry of Trade and Industry (MoTI)
According to officer, the revenue has seen a 10 percent increment of $1.21 billion compared to same period the previous year.
However, Wondimu said the country missed the target of earning $1.66 billion. The revenue was generated from coffee, oilseed, spice, flower, cereal, textile, khat, live animals exported to different countries.
In a recent report to the national parliament, Ethiopian Minister of Finance and International Cooperation Ahmed Shide said the nation has seen a sharp decline in the export earning performing 8.3 percent lower than the previous year’s performance.
He said in the face of an ongoing political volatility, the macroeconomic performance of the country has gone worse due to soaring double digit inflation and decline in export earning.
Despite “a very tight fiscal policy” that has been implemented by the authorities to stabilize the surging of prices, the current budgetary year has seen the rise of inflationary pressure in Ethiopia.
MG/as/APA