Ethiopia has secured close to 1.2 billion U.S. dollars from coffee export in the last eleven months, an official from Ethiopian Coffee and Tea Authority says.
The figure is the highest revenue in Ethiopia’s Coffee export history, breaking the previous annual earning record registered just last year. The nation obtained $906m from 248, 000tn coffee export.
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Authorities started the current 2021/22 fiscal year to secure at least a billion US dollars from Coffee export. And they achieved the target ten months into the FY and earned more than $1.014 billion from 232,000 tons of Coffee export.
On Wednesday, Deputy Director-General of the Authority, Shafi Oumer, said the coffee export revenue has now surged to nearly 1.2 billion US Dollars from export made in the last eleven months.
He made the announcement during a discussion the authority held with actors in the coffee sector from Sidama, Southern, and Oromia – the top-three coffee-producing regions of the country.
High global commodity prices, shortened supply chain, and better transparent trading helped to improve the coffee export performance. The export to new export markets, particularly China and Taiwan, has also contributed to the record-breaking performance of the coffee export, officials say.
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Ethiopia exported 5,879.34tn coffee to China in the first 10 months of the FY, making the east Asian nation the top 8th destination for Ethiopian coffee, up from 33 last year. The top five traditional destinations are Germany, Saudi Arabia, Japan, Belgium, and the United States.