Yesterday, the Coffee and Tea Authority of Ethiopia announced that it aimed to make $500 million from coffee exports in two months of the ongoing fiscal year. According to the executive director Adugna Debela (Dr) of the Standing Committee for Agriculture Affairs, the European Union Parliament approved the Coffee Trade Guidelines, but some countries like Germany and Belgium are waiting for more details before signing contracts. This delay has led to a 60% decrease in the amount of coffee that was supposed to be shipped.
Because of this 60% decrease in coffee shipping, Farmers and exporters, who rely on these contracts, may face financial hardship. This could lead to price increases or temporary shortages for European consumers if they mainly depend on Ethiopian coffee.The spokesperson mentioned that Ethiopia is expanding its market and has boosted exports to China, Japan, South Korea, and Saudi Arabia.
Dr. Adugna said Ethiopia aims to export 280 to 300 thousand tons of coffee this fiscal year. In the first 10 months, 209 thousand tons were exported. The plan now is to export 80 thousand tons to reach $500 million revenue target in May and June. In April, 25 thousand ton export was expected to earn $136 million, instead 34,300 tons were exported to earn $165 million.
Last month, the Ethiopian Coffee and Tea Authority published details of coffee exports. Ethiopia earned $835.23 million from exporting coffee in the first nine months of the 2016 fiscal year by exporting 174,596 tons of coffee, which is higher than last year. Read More…
Interestingly last month Sailamariam Gebremidin, Public Relations and Communications Executive for the authority said that Ethiopia could not achieve the target of $1.2 billion in export earnings this year for which it was required to export 240,000 tons of coffee. But it managed to export 175,000 tons.
I want start online work