Ethiopia Gains Over 4.1 Billion Dollars From ExportThe National Bank of Ethiopia disclosed Wednesday that Ethiopia has over the past decade earned over 4.1 billion US dollars from export trade.During the past 10 years, about 2.4 billion and 405 million dollars was obtained from the export of coffee and hide and skin respectively while at least 1.3 billion dollars coming from other exports, according to the bank. The bank also said that Ethiopia has spent more than 12.5 billion dollars for imported items over the past 10 years. Although the number of exported items has increased during the period due to the free market policy, the country's foreign currency earning was less than the envisaged amount because of the unstable price for its products in world market. The bank noted that the spiraling cost of products which Ethiopia imported for the purpose of reconstruction, development undertakings and consumer goods was also responsible for the more than 8.4 billion dollars in foreign trade deficit. In the effort to narrow the deficit margin, Ethiopia has to raise its export items in quality and quantity and attract foreign investment, the bank added. |
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