Ethiopia Secures $2.8 Bn from Exports in 10 Months
Ethiopia has secured $2.8 billion from exports alone in the past ten months of the fiscal year that started in July 2020, the Ministry of Trade and Industry (MoTI). This has shown an increase of 16 percent compared to $2.42 billion of the same period last year.
The amount obtained so far is 85 percent of what is planned for the whole fiscal year, MoTI pointed out.
Mining, agriculture and industry have contributed for the $2.8 billion obtained, MoTI said. 96 percent of what has been planned to obtain from mining has been achieved, the ministry explained, while agriculture and industry attained 86 and 70 percent of the target set for the sectors, respectively. Leather and metal exports have suffered, while exports of oilseeds, khat and grain seeds have fared better.
Ethiopian Ministry of Mines and Petroleum, ECX Ink Agreement to Work Together
The Ethiopia Commodity Exchange (ECX) has signed an agreement with the Ministry of Mines and Petroleum to leverage the exchange for commodities such as precious gemstones , Takele Uma, Minister of Mines and Petroleum said.
The signing of the agreement will better facilitate international trade by enhancing supply, reducing illegal trade, and creating sustainability, the Minister further noted in a tweet.
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Coffee is Ethiopia’s main export crop, contributing to the livelihoods of more than 5 million smallholder farmers. However, these smallholders find themselves at the bottom of a long value chain that includes collectors, traders, processors and exporters.
In 2008, a marketplace, the Ethiopia Commodity Exchange (ECX), was launched with the aim of improving agricultural marketing and shoring up producer prices, and coffee trading through the ECX was made mandatory for all market participants except cooperatives and large plantations. But in 2017, following pressure from exporters, foreign importers and the donor community, further reforms again opened up coffee trading outside the ECX.
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AfCFTA: Commodity Exchange positions Nigeria for effective operations
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The Nigeria Commodity Exchange (NCX), has been positioned to facilitate efficient export of commodities as the African Continental Free Trade Agreement (AfCFTA) takes off.
Its Managing Director, Mrs Zaheera Baba-Ari, made the declaration on Sunday in Abuja when she spoke with newsmen
She said noted that the AfCFTA was an important and strategic platform that would serve to enhance the economies of African countries.
“The establishment of the continental trade bloc will be beneficial to African countries if properly managed,’’’ she said.
Baba-Ari said that in view of the expected adverse effects of COVID-19 on the world, AfCFTA would boost intra-African trade and mitigate the rapid decline in the GDP of African countries.