ADDIS ABABA, June 19 (Xinhua) -- Ethiopia has generated record export revenue during the first 11 months of the current fiscal year, driven by strong performance in major export commodities, the Ministry of Trade and Regional Integration disclosed on Thursday.
Presenting the ministry's performance report to the House of Peoples' Representatives, the lower chamber of Ethiopia's parliament, Minister of Trade and Regional Integration Kassahun Gofe said the country earned 7.21 billion U.S. dollars in export revenue during the first 11 months of the current Ethiopian 2024/2025 fiscal year, which started on July 8.
The figure surpasses the initial target of 4.59 billion dollars set for the reporting period, registering a 57 percent increase, Gofe said, noting that the latest revenue also represents an increase of 3.96 billion dollars compared to the same period in the previous fiscal year.
Data from the ministry also showed that export earnings from the mining and agriculture sectors significantly outperformed expectations, achieving 425 percent and 118 percent of their respective targets. Exports in the manufacturing sector also outperformed projections, recording a 57 percent growth over the target.
The minister also updated lawmakers on the country's ongoing accession process to the World Trade Organization, describing the process as "progressing well."
The Ethiopian government has attributed the improved export performance to ongoing comprehensive economic reforms and various enabling measures.
The East African country's economy is projected to grow by more than 8.4 percent in the current fiscal year, according to Prime Minister Abiy Ahmed.
