The government of Ethiopia has fallen short of its trade revenue target, failing to generate over $1 billion from commodity trade. The Minister of Trade and Regional Relations, who oversees this sector, reported that while officials aimed to earn $4.85 billion in the last fiscal year 2024, they only generated $3.709 billion. This shortfall amounts to $1.14 billion.
Looking ahead, the minister of Ethiopia plans to increase trade revenue to over $5.1 billion in the upcoming fiscal year 2025. The $3.709 billion generated last year marks an improvement over the $3.64 billion earned the previous year.
The minister, who manages five government institutions focused on trade, industry, and investment development, highlighted that the agriculture sector contributed 76.43% of the total revenue for the fiscal year, while the remaining revenue came from manufacturing, mining, electricity, and other sectors.
Moreover, last week, the Ethiopian Ministry of Revenue shared the details of income tax exemptions. There are several categories of income that are exempt from income tax without any limitations. Read More…
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