Ethiopia has earned the highest $196 million from coffee export in August 2024, the Ethiopian Coffee and Tea Authority (ECTA) has announced Thursday.
ECTA’s Director General Adugna Debela in a briefing said that 42, 322 tons of coffee was shipped to the global market in August, bringing in $196 million in revenue.
“This is the highest ever monthly earning secured from coffee export to date,” Debela said.
The Director General said the export saw 165 percent and 143 percent higher both in export volume and value targets for the month of August respectively.
He said Ethiopia significantly increased its coffee supply to the global market in the past couple of months. The suge comes after the country set up a new market option by “eliminating unnecessary steps” in the coffee supply chain.
In July, the export volume grew 78 percent to 40,532 tons of coffee – making it the Country’s biggest shipment for that particular month.
Together with August, ECTA has overseen the shipments of 82,853 tons of beans to the international coffee market that generated $377 million in two-month revenue.
Compared to the same period last year, Debela said the two-month exports’ volume rose by 32,925 tons (66 percent) while the revenue jumped by $110 million (41%).
The Coffee industry is considered the backbone of the country’s economy. Its exports in the previous financial year brought the country $1.43 billion in revenue.
MG/as/APA