Ethiopian Coffee and Tea Authority scored 907.04 million in Forex

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Ethiopian Coffee and Tea Authority reported having gained 907.04 million dollars in forex for the current fiscal year. 

The forex rate increased 77 pc more than anticipated in the current fiscal year, Ethiopian Coffee and Tea Authority exported 248,311.66 tons, an increase of 80 pc more than intended. In 2009, the exported coffee brought forth a total of 882,000 million dollar in forex, escalated by 25 million dollar reported to be the highest amount and in the current fiscal year. 

In March, 27,200 tons of coffee were exported to the international market earning 107 million dollar in forex, following up with 114 million dollar in the export of 28.8 thousand tons of coffee in April,130.52 million dollar for 32,668.18 tons of coffee in May, and.150.43 million dollar for 40,079.82 ton of coffee export in June. 

Although, for forex, it increased from 3700 to 4000 dollar in the total of the four months raised by 10 pc. The amount of coffee exported in this fiscal year dropped.

This shows the quality of the exported coffee recorded exceptional growth in penetrating the international market. Starting from January 2021 it increased dramatically.

In the 11 production areas of coffee (Bonga, Bedele, Welaita, Genbi, Dire Dawa, Hawassa, Dila, Jimma, Bule Hora, Metu, and Addis Ababa) 978.64 tons of coffee were included in the vertical integration. The integration is hoped to be an alternative interaction for coffee export. The integration will also help and reduce the jargon of exchanging and reduce the expenses exerted in the coffee market.