Coffee exports bring Ethiopia 1.43 bln USD past fiscal year-Xinhua

Coffee exports bring Ethiopia 1.43 bln USD past fiscal year

Source: Xinhua

Editor: huaxia

2024-07-10 19:27:00

ADDIS ABABA, July 10 (Xinhua) -- Coffee exports brought Ethiopia 1.43 billion U.S. dollars in revenue during the just-concluded Ethiopian fiscal year, the government has said.

Ethiopia exported 298,500 tons of coffee during the Ethiopian 2023/24 fiscal year that ended on July 7, the Ethiopian Coffee and Tea Authority (ECTA) said in a statement on Tuesday.

In June, the East African country exported 46,000 tons of coffee, generating a record 218 million dollars in revenue, the ECTA said.

In the previous fiscal year, Ethiopia earned 1.3 billion dollars in revenue from the export of about 240,000 tons of coffee.

ECTA data show that the volume of coffee exported in the 2023/24 fiscal year rose about 20 percent when compared to the previous fiscal year.

Ethiopia, regarded as the origin of Arabica coffee, is one of Africa's largest producers and exporters of the commodity. Coffee production is seen as the backbone of the country's agriculture-led economy.

Widely recognized for its quality and rich flavors, ranging from winy to fruity and chocolatey, Ethiopian coffee has been in great demand across the globe.

Experts often cite the lack of value-addition in Ethiopia's coffee sector as a major bottleneck that prevents the country from fully benefiting from its rich coffee resources, as it mainly exports raw coffee beans to the international market.