Annual export earnings of Ethiopia from coffee export has increased by 22 percent to $1.4 billion during the Ethiopian calendar year concluded July 7, 2022.
The information obtained from the state agency, Ethiopian Tea and Coffee Authority, during the budget year Ethiopia has exported 300,000 metric tons of coffee, which generated a total of $1.4 billion. It is stated that the amount of hard currency the east African country has generated surpasses the previous budget year by 22 percent.
Among the reasons contributed the increase of revenue includes reforms undertaken by the Government of Ethiopia to increase both productivity of coffee and smoothening the trading process. According to the new strategy, Ethiopia aims to increase its annual coffee export earnings to $4.6 billion within 15 years by addressing the dire challenges.
The country also set target to boost the farmers’ income to reach to $3.5 billion and generate employment opportunity for 2.7 million people. Ethiopia has also set an ambitious target of increasing its global coffee market share to 1.26 million metric tons by 2033.
Coffee is Ethiopia’s major export item that covers over 30 percent of the total export earnings of the country. During the year concluded on July 7, 2022, Ethiopia’s total export earnings from goods has reached all time high by surpassing $4 billion.
Though Ethiopia’s coffee export is mainly dominated with the raw export of green coffee, latest reports show that in recent years some companies have been engaged in export of roasted, grounded and packed coffee.