Mining Other
Ethiopia's export revenue hits record 5.9 bln USD in 7 months driven by mining
The Ethiopian government has disclosed that the country has generated more than 5.9 billion U.S. dollars in record export revenue during the first 7 months of the current fiscal year.
The Ethiopian Ministry of Trade and Regional Integration said mining and agricultural exports contributed the largest share to the East African country's record export revenue during the first seven months of the current Ethiopian fiscal year, which began on July 8, state-run Ethiopian Broadcasting Corporation reported on Saturday.
Highlighting the country's surging export earnings in recent years, the ministry said the export revenue has registered an increase of about 860 million U.S. dollars when compared with the same period last fiscal year, or up by 17 percent year on year.
It said the mining sector has become the country's top source of export revenue, generating 3.14 billion U.S. dollars during the reported period. The country also generated 2.22 billion U.S. dollars from the export of agricultural commodities to the international market during the period. Electric energy and industrial exports were said to be other key sources of export revenue, according to the ministry.
The Ethiopian government has attributed the country's expanding export performance in recent years to the ongoing comprehensive economic reforms.
Last month, Ethiopian Prime Minister Abiy Ahmed disclosed that the country's economy is projected to grow by 10.2 percent during the current fiscal year.