Ethiopia earns 1.36 billion USD from gold export in six months

Addis Ababa: Ethiopia has disclosed that it earned 1.36 billion US dollars in revenue from gold exports over the past six months.

Speaking of an “impressive export performance” during the first half of the current Ethiopian 2024/2025 fiscal year, which started on July 8, Ethiopia’s Minister of Trade and Regional Integration Kassahun Gofe said in a statement that the country has registered strong performance in major export commodities, including gold.

According to the minister, the country has generated some 3.28 billion dollars in export revenue during the past six months, in which gold exports secured the largest share of the total export revenue, generating 1.36 billion dollars during the reported period.

Data from the ministry also suggested that Ethiopia’s overall export revenue for the reported period achieved about 145 per cent of the initial target.

Highlighting Ethiopia’s abundant potential in key export commodities, the minister emphasised the importance of enhancing the country’s capacity to increase productivity and boost export earnings.

With its agriculture-led economy, coffee is also a major export commodity for the country, Xinhua news agency reported.

According to recent data from the Ethiopian Coffee and Tea Authority, the country earned 908 million dollars in revenue from coffee exports over the past six months, with more than 200,000 tonnes of coffee exported to the international market.

Amid positive prospects in the agricultural, manufacturing, mining and other major economic sectors, the Ethiopian government in October 2024 announced an 8.4 percent economic growth target for the current fiscal year.

–IANS