ADDIS ABABA, Nov. 21 (Xinhua) -- Ethiopia anticipates generating over 700 million U.S. dollars in revenue from the export of pulses and oilseeds during the current Ethiopian 2024/2025 fiscal year that started on July 8, according to the Ethiopian Ministry of Trade and Regional Integration.
The East African country, which exported over 670 million dollars worth of pulses and oilseeds during the previous fiscal year, projected a 10 percent increase during the current fiscal year, state-affiliated Fana Broadcasting Corporate quoted Ethiopian officials as saying Wednesday.
Acknowledging challenges in fully capturing the country's export potential in major agricultural commodities, including pulses and oilseeds, the ministry said the sector has shown a positive growth trajectory in recent years.
Ethiopia's Minister of Trade and Regional Integration Kassahun Gofe said pulses and oilseeds are the backbone of Ethiopia's rural economy. He said these commodities contribute significantly to the livelihoods of millions of farmers, driving export revenues, and promoting national economic development.
Noting that the Ethiopian government has introduced several initiatives in recent years that envisaged positioning the country as a leading exporter of high-quality pulses and oilseeds, the minister also called for concerted efforts in developing the country's agro-processing sector through enhanced value addition.
China has been a major destination for Ethiopia's pulses and oilseeds export commodities during the past decade, particularly sesame seeds. Sesame, along with coffee, is one of Ethiopia's top export commodities, as the East African country's export sector is largely dominated by the export of agricultural products.
According to recent data from the Ethiopian Pulses, Oilseeds, and Spices Processors Exporters Association, about 60 percent to 70 percent of the country's total sesame exports during the past decade went to China.
Last month, the Ethiopian government disclosed that it generated over 1.5 billion dollars in export revenue during the first quarter of the current fiscal year.
Experts, however, often attribute the lack of value addition to Ethiopia's export commodities as a major bottleneck that hinders the country from fully benefiting from its rich potential, as it mainly exports raw agricultural products to the international market.
The Ethiopian government has recently announced an 8.4 percent economic growth target for the current fiscal year, attributing to positive prospects in the agricultural, manufacturing, mining, and other major economic sectors.
According to the World Bank, Ethiopia, Africa's second-most populous nation after Nigeria with about 126.5 million population, is one of the fastest-growing economies in the region.
Despite consistently high economic growth over the last decade, Ethiopia remains one of the poorest countries, according to the World Bank. The country aims to attain lower-middle-income status by 2025.
