ADDIS ABABA, July 11 (Xinhua) – Ethiopia has reported a substantial increase in revenue from coffee exports, earning $1.43 billion during the recently concluded fiscal year, according to government sources.
The Ethiopian Coffee and Tea Authority (ECTA) disclosed that Ethiopia exported 298,500 metric tons of coffee in the fiscal year 2023/2024, which ended on July 7.
In a statement on Tuesday, ECTA highlighted a significant milestone in June, with the export of 46,000 metric tons of coffee fetching a record $218 million in revenue.
Comparatively, in the previous fiscal year, Ethiopia earned $1.3 billion from exporting approximately 240,000 metric tons of coffee.
ECTA data indicates a notable 20% increase in coffee exports for the 2023/2024 fiscal year compared to the preceding year.
Known as the birthplace of Arabica coffee, Ethiopia stands as one of Africa’s largest producers and exporters of this prized commodity, crucial to the nation’s agriculture-driven economy.
Renowned for its diverse and rich flavors ranging from fruity to chocolatey, Ethiopian coffee maintains strong global demand.
However, experts highlight the challenge of limited value addition in Ethiopia’s coffee sector, primarily exporting raw coffee beans, which potentially hinders maximizing the country’s coffee resources.