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Ethiopia earns $29 million from exports in Q1

As per Addis Fortune report, Ethiopia exported $29 million (Rs 183 crores) worth of textiles during the first quarter of the fiscal year 2013-14 that began on July 8, 2013. The first quarter export earning was over 50 per cent higher than the $19 million (Rs 120 crores) made in the corresponding period of last year. But exports are still likely to fall short of government’s target of $500 million (Rs 3,159 crores) for the entire fiscal year, if the trend continues.

In 2012-13, Ethiopian textile sector exports clocked in $99 million (Rs 625.5 crores), much below the government target of $357 million (Rs 2,255.7 crores). The Ethiopian textile sector comprises of 110 companies, and the export target for each individual company for the current year is yet to be determined, says Ethiopian Textile Industry Development Institute (TIDI).

During the first quarter, 58 new medium textile factories became operational. In addition, large textile companies like Etur Textile Plc and Angels Addis are also likely to operate at higher capacities during the remaining part of the year. The Growth and Transformation Plan (GTP) of the Ethiopian government aims at earning textile export revenue of $1 billion (Rs 5,000 crores) by 2014-15 and creating 40,000 new jobs in the process.