ECTA’s fiscal year came up with reports highlighting the 1.4 billion dollar mark. Ethiopia the third-largest supplier of Arabica coffee has supplied over 299,314.32 only a few bags less compared to the year’s plan exporting 299,340MT. In terms of volume, Ethiopia’s supply has grown by 20.54% while its revenue has increased by 53.82% compared to the same period of the previous fiscal year. The director general attributed the achievement to the growing portion of export specialty coffee coupled with competitive prices & strict measures taken against contraband trade.
Source: ECTA Facebook page
FDRE MOFA (Ministry of Foreign Affairs ) reported Ethiopia’s participation at the ITC’s warm coffee tasting event held in Geneva Switzerland. FDRE’s ambassador for UN offices in Geneva, Ambassador Zenebe on his part emphasized the government’s commitment to increasing supplies to 1.26million MT by 2023 & the opportunities that precede it, i.e farmers’ income & employment opportunities. He finally appreciated ITC’s support with its various projects.
At the event, the invigorative Ethiopian coffee ceremony was presented and served to the audience.
The mid-week entertained a decline in the ICE-certified stocks inventory recorded to be the lowest after 23 years reaching 695,135kg bags. Arabica coffee is the world benchmark for coffee futures contracts that trade on the InterContinental Exchange (ICE). Arabica accounts for 75 percent of the world’s production.