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Ethiopia: Coffee Exports Are Exceeding Planned Revenue TargetsMonday, March 23, 2015 > 11:42:46
Coffee export revenue for the first half of the 2014-2015 fiscal year has exceeded the planed target. The aim for the year is to export 235,950 tonnes and earn a total of $862.5 million.
The expectation was that exports for the first six months of the budget year would produce an income of $269 million from the export of around 73,593.5 tonnes. Exports in fact amounted to 73,227. 9 tonnes of coffee, but the revenue produced was actually higher than expected at $ 307.5 million.
The Coffee Marketing Director at the Ministry of Trade, Getahun Bikora, explained the increase: "The gain from the export exceeded expectations because the international coffee price was better in the export period." The Director added that the new season's coffee was now coming to the market and this would increase the volume of the coffee exported. He said exports amounted to 99.5% of the intended amount but the revenue received was 114.3% of what was expected.
This fiscal year, Ethiopia expects to produce a total 461,620 tonnes of coffee, of which it expects to export 239,950 tonnes, and earn $862.55 million. This would be an increase of around 23.6% in volume and 20% in revenue over the previous year. Ethiopia is fifth in the world in the production of coffee.