Ethiopia Earns $2.5 Billion from Foreign Trade

Ethiopia earned more than $2.5 billion from foreign trade in the first 9 month of the ongoing fiscal year. The announcement came from Ethiopian Ministry of Trade and Regional Integration. According to the ministry, in the first nine months of the current budget year, Ethiopia earned more than 2.5 billion USD. The government managed to meet 70.49% of the target.

The agricultural sector achieved 73.6% of its revenue target, the manufacturing industry reached 51.54%, the mineral sector attained 66.53%, and the electricity and other products category met 71.25% of their planned objectives.

The ministry of Ethiopia recommended digitalization of the economy and strict action on smuggling to enhance foreign trade income.

At the start of this week, The director of the Ethiopian Institute of Agriculture Research, Dr. Fekede Feyisa disclosed the losses suffered by the Ethiopian economy due to illegal animal trade. Animals are being smuggled from Ethiopia into neighboring countries like Djibouti, Kenya, Sudan, Somalia, and Eritrea. Ethiopia was earning up to half a billion dollars from animal trade but the revenue has dropped to one hundred million, states the Ethiopian Institute of Agriculture Research. Read More…