Ethiopia’s first quarter revenue from coffee export has shown a significant increase despite a drop in volume, sector regulator says.
The nation earned $426.15 million from 20,438 tons of coffee shipped in the first three months of the 2022/23FY, reports the Ethiopian Coffee and Tea Authority (ECTA).
The revenue figure has shown a 30.27% (or $27.30 million) jump compared with the amount secured in the same months last year.
The export volume, however, is 5, 800 tons less than the target set by the ECTA for the period, its report shows.
Authorities have recently been taking quality measures to further boost its coffee export earnings in addition to expanding its destination.
These measures have paid dividend with the commodity fetching a record high $1.4 billion earnings last year.
It also saw new countries like China ranking among the top 10 destinations for Ethiopia’s coffee export.
– Germany Ranks Top –
With a share of 21% of the revenue, Germany was the top destination for Ethiopian coffee in the three-month period this year.
Saudi Arabia (over 11%) and Belgium (11%) took the second and third position, respectively.
According to ECTA’s report, Ethiopia exported 14,934.75 tons of coffee to Germany, and earned $72.05 million.
Saudi Arabia also bought 8,991.94 tons for $45.54 million. More than 6,981 tons of coffee was also shipped to Belgium, fetching $44.56 million.
The US, the UAE, South Korea, China, Japan, Italy, and France consequently made up the remaining ECTA’s top 10 destination rank.
Countries in the top ten bought 82% of the total volume and 82% of total revenue of Ethiopia’s three month coffee export.
Ethiopia is Africa’s largest exporter of coffee Arabia, and relies on earnings from the crop as a major source of foreign exchange.
Its officials aim to ship 360,000 tons of coffee to international market and secure $1.8 billion during the current 2022/23 fiscal year amid lower global coffee output forecast.