Ethiopia secures over 832 Mil USD from export trade in 1st quarter

Prime Minister Abiy Ahmed said the nation has secured 832.3 million USD from the export trade during the first quarter of Ethiopian fiscal year that begun on July 9.

The Prime Minister said at the extraordinary session of  the House of Peoples’ Representative held today that the stated amount of export revenue has shown an increase of 15 percent compared to last year`s same period which was 723 million USD.

PM Abiy praised the export performance as the achievement was made despite the challenges of COVID-19.

“If we carry on with such impressive efforts, we could significantly reduce the imbalance of import and export trade of the country”, he noted.

The Premier urged members of the parliament to strengthen their monitoring mechanisms so as to effectively exploit the sector.

According to the PM, the nation has also secured 63.1 Billion Birr revenue during the first quarter of the budget year.

The performance was 106 percent of the target for the stated period and surpassed last year`s revenue by 10 percent.

“keeping the current momentum will be critical to achieve the nation`s long-term ambitions,” Abiy said.

As a result of such impressive three months performances both in export trade and revenues, the foreign currency deposit has increased by 20 percent in the first quarter of the budget year compared to last year`s same period, it was indicated.

Source: ENA