2023-07-13 11:53:18
Coffee exports in Ethiopia fell short of their annual target, generating more than $1.3 billion in the last Ethiopian fiscal year which ended July 7, 2023.
The Ethiopian Coffee and Tea Authority (ECTA) revealed on Wednesday that the country shipped 240,000 tons of coffee to the international market to fetch $1.3 billion.
“The volume and revenue are significantly below the targets the authority had planned, namely 300,000 tons and $1.8 billion respectively,” he said.
In his press briefing, ECTA Deputy Director Shafi Omar cited global headwinds as one of the main reasons for the underperformance.
In the previous fiscal year, Ethiopia benefited from favorable prices and exported 300,000 tons of coffee for a record $1.4 billion.
This time around, Mr. Shafi noted, “coffee reported revenue relatively close to last year’s record revenue, despite a significant drop in volume.”
He said the price of coffee had fallen in the international market, attributing the decline to a decrease in demand from buyer countries already facing an economic recession.
Security issues in some major coffee-growing areas in Ethiopia have also led to a drop in coffee supply.
Saudi Arabia, Germany, the United States, Korea, Japan, Belgium and the United Arab Emirates have been the main destinations for Ethiopian coffee in the past twelve months.
Coffee supports more than a quarter of Ethiopia’s population of over 120 million, and generates up to 30% of the country’s foreign exchange earnings.
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