Ethiopia has obtained a record-hit $1.4 billion dollars from Coffee export in the just concluded 2021/22 fiscal year, according to the Ministry of Agriculture.
The revenue, the highest the country obtained in its history, has also surpassed the target for the budget year officials set at a little over a billion dollars.
The previous recording of coffee export earnings was registered last year when the country secured $906 Million after exporting 248, 000 tonnes of coffee.
“In the last 12 months, Ethiopia exported 300,000 tons of coffee and generated 1.4 billion USD,” revealed Agriculture Minister Oumer Hussien, on his Twitter last week.
“Compared with average yearly earnings, the country generated an additional 500 million USD,” the minister added, extending “a very special thanks to all coffee families for their due contribution.”
Coffee represents a vital part of Ethiopia’s economy, supporting the livelihoods of more than a quarter of the population and generating up to 30% of the country’s foreign exchange earnings.
Despite a record hit year both in revenues and earnings, authorities believe the nation is far from effectively utilizing its coffee sector’s potential.
Ethiopian Coffee and Tea Authority (ECTA) last week launched a 15-year Coffee Development strategy that would be key to maximizing the country’s coffee production capacity. The Strategy aims to quadruple its annual coffee revenue and increase farmer incomes more than five-fold by 2033.