ADDIS ABABA – Ethiopian Commodity Exchange transaction saw a significant increase in October, the Ethiopian Commodity Exchange (ECX) indicated.
The Authority’s General Director Engineer Aulearo Aupiew said that ECX has traded a total of 44,394 tons of commodities worth 2.16 billion local currencies (birr) in October alone.
According to him, the Authority has performed a total of 21,034 tons of coffee, 1,346 tons of white pea bean, 9,434 tons of all kinds Sesame, 6,534 tons of Soya bean and 6,046 tons of green mung bean.
The volume and value performed in October has seen an escalation by 19 percent and 7 percent respectively with related to that of last month recorded at September.
The significant trade growth in October was recorded after the Ministry of Trade and Industry (MoTI) recently passed a directive that allowed exporters of green mung beans to wholly trade their products via ECX market system, the Director added.
During October 6,046 tons of green mung beans has been traded for 168 Million Birr, he said.
In increasing transaction growth, coffee has played massive role in enhancing export trade in the aforementioned month, Aulearo stated.
“Coffee took a market part in foreign currency earning contributing 47 percent in trade capacity and 67 per cent in trade value. In October, coffee has dominated the market by controlling market by 66 percent of the capacity and 65 percent of the price 13,947 tons of unwashed export coffee had been transacted for 938.2 million birr,’’ he pointed out.
He added that coffee which used for local consumption was 6,309 tons traded for 432.78 million birr and 767 tons of specialty coffee was traded for 71.14 million in local birr.
During the stated period, a total of 9,434 tons of sesame had been traded for 419.75 million birr, Aulearo indicated.
“Sesame from Humera and Gondar covers the highest market share by covering 61 percent and 66 percent in terms of capacity and price respectively,” he said.
Measuring the comparison of sesame market with the previous month’s performance, its traded capacity and price has significantly increased by 136 percent and 88 percent respectively, as to him.
Similarly, 1,900 quintals commodities which include red kidney bean has been traded for 184 thousand birr” the monthly report shows.
He concluded that the supply and trade capacity is expected to increase in the coming months.
Ethiopian Commodity Exchange operation in October
The Ethiopian Herald November 24/2019
BY MUSSA MUHAMMED
