ADDIS ABABA – Ethiopia has secured a record-breaking profits of over 196 million USD from 42,322 tons of exported coffee just last month, Ethiopian Coffee and Tea Authority announced.
The information obtained from the authority indicated that the country has generated over 196 million USD exporting 42,322 tons of coffee last month, a record high foreign currency earnings registered in a month from the export of the cash crop in the history of the country.
Authority’s Director General, Adugna Debela (PhD) stated that the revenue obtained from coffee exported last month has broken the records of the previous months. Compared with the authority’s plan, the current coffee export was increased by 165% in amount and 143 % additional revenue.
He pointed out that the performance of the two months of July and August enabled the country to earn 377 million USD by exporting 82, 853 tons of coffee. Compared with the past similar period, the current months have 110 million USD (41%) additional revenue and 32,955 tons (66%) addition in terms of volume.
It was to be recalled that the country has earned 1.43 billion USD from exporting 298,500 tons of coffee in 2023/24 fiscal year. Currently, Ethiopian coffee product is being exported to more than 60 countries across the globe where U.S, Germany, Belgium, Japan, Spain, and Saudi Arabia are the leading destinations. Ethiopia’s coffee is also traded in Middle East and Far East markets.
BY MESERET BEHAILU
THE ETHIOPIAN HERALD SATURDAY 14 SEPTEMBER 2024
