Global economic cool down stunts Ethiopia's exports targets

Source: Xinhua| 2017-07-31 23:44:50|Editor: yan
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ADDIS ABABA, July 31 (Xinhua) -- Global economic cool down has stunted Ethiopia's export targets in the just ended Ethiopian Fiscal Year 2016/17 (EFY) earning the country only 61.2 percent of its export targets.

Speaking to Xinhua on Monday, Tesfaye Tadesse, higher Public Relations Officer at Ethiopia's Ministry of Trade (MoT) said the country only earned 2.91 billion US dollars out of a target of 4.75 billion US dollars for EFY 2016/17.

The export revenues for EFY 2016/17 however was marginally better than the same time during the previous year, growing by around 1.8 percent.

Tadesse said delay in commissioning of planned manufacturing plants; incomplete provision of inputs needed for export oriented manufacturing plants; illegal cross border trade and poor quality in some export items also contributed to the disappointing export revenues.

Agricultural exports contributed the largest share with 2.18 billion US dollars, followed by manufacturing sector at 413 million US dollars and mining sector at around 230.8 million US dollars.