Ethiopia has earned over $3.84 billion in revenue from merchandise exports over the past seven months, Minister of Trade and Regional Integration, Kassahun Goffe announced on Wednesday.
In a message shared on his social media page, Goffe stated that the revenue generated from merchandise exports in the past seven months has achieved 146 percent of the plan.
He said gold, coffee, oilseeds, electricity and livestock exports highly contributed to the “big” revenue, adding that the revenue has exceeded the plan.
The minister also stated that compared to the $1.9 billion revenue generated during the same period, there is a surge of $1.94 billion or 101.2 percent.
Ethiopia’s export earnings surged to $3.2 billion in the first half of fiscal 2024/25, surpassing government targets by 45 percent despite a dramatic currency depreciation. Officials project full-year exports to exceed $6 billion, marking a significant leap from the previous year’s $3.2 billion total.
The performance signals remarkable resilience in Africa’s coffee powerhouse, which recently floated its currency, leading to the birr losing more than half its value against major currencies. The currency move, while challenging for imports, appears to be boosting export competitiveness.
MG/abj/APA