Ethiopia: Country Targets $2.5 Billion of Exports in 2008/09
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The Daily Monitor (Addis Ababa)
20 August 2008
Posted to the web 20 August 2008
Addis Ababa
Ethiopia plans to increase export earnings by a billion dollars to $2.5 billion in 2008/09 compared with the previous year, the trade ministry said on Tuesday.
"Ethiopia plans to raise 68 percent of the planned $2.5 billion export earnings from agricultural commodities such as coffee, oil seeds, spices, leather goods and flowers in 2008/09," the ministry said in a statement.
Industrial exports are expected to be 32 percent of the total, with income from textile products set at $49 million from $14.6 million in 2007/08. Country's financial year runs from July to June.
Income from leather products is targeted at $146 million from $92 million previously. China's Sino-Overseas Leather Products intends to build four factories to make finished leather goods.
Ethiopia's import bill was $4.7 billion in 2007/08. In the year before that, the country earned $1.2 billion from exports but paid $3.9 billion for imports ranging from industrial machines to oil.
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"Imbalance between domestic demand and supply as well as the global rise in oil and other commodity prices has made the trade deficit to balloon to an estimated $4.7 billion," said Ken Ohashi, World Bank country director for Ethiopia.
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