Ethiopian exports hit US$2.7 billion

By UNKNOWN

Posted on Wednesday, 20 July 2011 17:34

Ethiopia received US$ 2.7 billion in revenue from exports during its just ended financial year.

Although government projected that exports will hit US$ 3 billion during the 2010/11 fiscal year, the figures were described as encouraging by analysts.

Coffee remained the country’s highest foreign currency earner fetching US$840 million. At least US$1 billion had been expected from coffee.

More than half million tonnes of coffee were exported during the period under review.

While government expected the manufacturing sector to generate US$ 353 million only US$ 207.7 million was realised.

According to the Ministry of Trade’s annual report, minerals earned Ethiopia US400 million and the remainder came from other agriculture commodities.

This report will be presented to a foreign trade coordination committee, headed by Prime Minister Meles Zenawi for further discussion on Saturday.

Ethiopia has forecast that its exports will fetch between US$$ 4 billion and US4.5 billion during the 20112012 fiscal year that started in July.

Chinese and Indian investors have taken a keen interest on the Horn of Africa country.

India’s investment is now pegged at US$4.5 billion followed by China with one billion investments.

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