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Ethiopia
exports rise 25 pct in '07/08
to $1.5 bln
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ADDIS
ABABA(August 1,2008)
- Ethiopia's export revenues hit a record $1.5 billion in
2007/08 (July-June), just shy of the official target, while the import
bill was $4.7 billion, a top trade official said on Wednesday.
In the previous financial year, Ethiopia paid out $3.9 billion for
imports ranging from industrial machines to fuel, said Girma Gelelcha,
head of the Trade Promotion Department.
"The 2007/08 export revenue registered a 25 percent growth over
the $1.2 billion earned in 2006/07 but failed to meet the planned
income of $1.6-$1.8 billion," Girma told Reuters.
Ethiopia, which depends heavily on development aid, says its farm-based
economy has been growing by 10 percent for the past five years and
hopes agriculture will help end pervasive poverty among its 81 million
people.
Coffee was Ethiopia's top export in 2007/08, earning $525.2 million,
followed by oil seeds worth $221.1 million, cereals at $141.6 million
and flowers at $111.7 million.
Khat, narcotic leaves that are popular in Horn of Africa countries,
earned the country $108.3 million, leather and leather products bagged
$101 million while gold fetched $94.1 million, Girma said.
The leading importers of Ethiopian goods, especially coffee, were
Germany, Saudi Arabia, the United States, Netherlands and Japan.
Ethiopia has received some $755 million from western donors in loans
and grants this year to expand sectors such as agriculture and hydropower
generation. China has also been investing heavily and plans a $713
million industrial park in Ethiopia.
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