APA-Ethiopia’s export revenues shows $ 800 million decline in the past nine months from what the government initially projected to be $ 1.8 billion, local media reported on Saturday

The $1 billion export revenue was secured from the export of more than 34 items during the past nine month’s period.

According to the Reporter Newspaper, the decline shows a 43 percent short of the government target.

“While the government’s nine-month export revenues forecast stood at $ 1.8 billion, the actual foreign currency earned from the first three quarters of the current fiscal year was only around $1 billion,” said the paper quoting Ethiopian Ministry of Trade and Industry data.

The newspaper indicated that the nine-month export performance was not only way below the target but it also showed that the revenue earned was less than that during the same period of the previous years.

The export revenues from the country’s major export item including coffee, have witnessed a significant decline, said the newspaper.

Coffee exports during the reported period fetched $ 251 million, an amount 53.5 percent lower than the forecast figure.

The foreign currency earned from the country’s major export item during the period under review was 36 percent less than that of the same period during the previous year.

It was reported that some $ 229 million was secured from the country’s second major foreign currency earner, oilseeds.

The revenue secured from the exports of oilseeds was 16 percent lower than the target while it is significantly higher than that of the same period of last year.

Khat,(stimulous plant) which surprisingly turned out to be the third major export item with hides and skins exports falling over the last few years, has fetched $ 104 million.

The amount secured was, however, ten percent short of the target and 30 percent higher than that during the same period of last year.

Flower export, which over the last few years became one of the top five export items, fetched $ 94 million during the reported period.

The amount earned from the export of flowers is 40 percent lower than the target and 24 percent higher compared to the same period of last year.

The fall in most of the major export items was mainly attributable to the drop in commodity prices across the globe, according to the report.

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