Ethiopia mainly exports raw coffee beans to the international market.
Coffee exports brought Ethiopia $1.43 billion in revenue during the just-concluded Ethiopian fiscal year, the government has said.
The country exported 298,500 tonnes of coffee during the 2023/24 fiscal year that ended on July 7, the Ethiopian Coffee and Tea Authority (ECTA) said in a statement on Tuesday.
In June, the country exported 46,000 tonnes of coffee, generating a record $218 million in revenue, the ECTA said.
In the previous fiscal year, Ethiopia earned $1.3 billion in revenue from the export of about 240,000 tonnes of coffee.
ECTA data show that the volume of coffee exported in the 2023/24 fiscal year rose about 20 percent compared to the previous fiscal year.
Ethiopia, regarded as the origin of Arabica coffee, is one of Africa’s largest producers and exporters of the commodity. Coffee production is seen as the backbone of the country’s agriculture-led economy.
Widely recognised for its quality and rich flavours, ranging from winy to fruity and chocolatey, Ethiopian coffee has been in great demand across the globe.
Experts often cite the lack of value-addition in Ethiopia’s coffee sector as a major bottleneck that prevents the country from fully benefiting from its rich coffee resources, as it mainly exports raw coffee beans to the international market.
Source link : https://www.theeastafrican.co.ke/tea/business/ethiopia-earns-record-usd-1-4bn-from-coffee-exports-4686012?view=htmlamp
Author :
Publish date : 2024-07-10 14:48:53
Copyright for syndicated content belongs to the linked Source.