ADDIS ABABA – Ethiopian Coffee and Tea Authority said it is doing utmost effort to meet its annual plan to export coffee , tea and spices as it has already accomplished over 75 percent performance for the third quarter of the fiscal year in terms of export volume.
General Director of the Authority Dr. Adugna Debela said that the price of coffee has plummeted at to the lowest level in 13 years and added that the authority is working strenuously to realize the growth and transformation plan, generate the expected amount of foreign currency and improve the livelihood of the community engaged in the sector.
According to the Public Relation and Communication Director at the Authority, Sintayehu Girma, the authority’s plan for the third quarter of the fiscal year was to export 208,469.37 tonns of coffee, tea and spices to earn 725.69 million USD. The performance was 158,039.98 tonns, which is 75.8 percent in terms of exported volume and 507.90 million USD, which is 69.98 percent in terms of foreign currency generated, he added.
As compared to similar periods in the past, the export trade has experienced slow down mainly because major export destination countries have increased their coffee stocks which decreased their interest to import more coffee, mismatch between the price of coffee in the local and international market, among others, according to the Authority.
The Ethiopian Herald April 21/2019
BY MUSSA MUHAMMED
