ADDIS ABABA – Ethiopia’s coffee industry has secured 180.45 million US Dollars from export in July as the sector begins the 2024/25 fiscal year with a record-breaking performance.
On Saturday, Ethiopian Coffee and Tea Authority (ECTA) disclosed that the export revenue in July rose by 43 percent to reach $180.45 million.
The amount is the sector’s biggest ever earnings recorded in the month, the sector’s regulator said in a statement.
Increasing Ethiopian coffee supply to the international market has been key in boosting the industry’s foreign exchange earnings.
ECTA says Ethiopia exported 40,532 tonnes of coffee in July, up by 78% from a year earlier. This has also contributed $54.29 million more to the nation’s forex earnings than the same month last year.
Overall, the sector regulator said the coffee industry achieved its export volume and value targets set for the last month by 132% and 110%, respectively.
“It is a very encouraging and outstanding performance,” ECTA’s Director General Adugna Debela said, adding that: this shows that coffee can continue to be the mainstay of the nation’s economy.
The Coffee industry is considered the backbone of the country’s agriculture-led economy. Its exports in previous financial year brought the country $1.43 billion in annual revenue.
