The Ethiopian government has disclosed a record 1.4 billion U.S. dollars revenue from the exports of coffee during the just-concluded Ethiopian 2021/22 fiscal year that ended on July 7.
The East African country exported 300,000 metric tons of coffee during the last 12 months, eventually generating 1.4 billion U.S. dollars in revenue, Ethiopia’s Agriculture Minister Oumer Hussien said in a Twitter post on Sunday.
According to the agriculture minister, compared with an average coffee export yearly earnings, the country generated additional revenue of 500 million U.S. dollars during the just concluded fiscal year with a growing export volume to the global coffee market.
Speaking to Xinhua recently, Adugna Debela, the director-general of the Ethiopian Coffee and Tea Authority, attributed the country’s record revenue from the exports of coffee to the soaring global commodity prices, shortened supply chain, the rise in emerging coffee markets such as China, and better transparent trading.
Ethiopia, as Africa’s biggest coffee producer, has recently seen a growing potential in China’s booming coffee market as China becomes one of the largest importers of Ethiopian coffee.
Figures from the Ethiopian Coffee and Tea Authority showed that China has imported 5,879.34 metric tons of Ethiopian coffee over the first ten months of the just-concluded Ethiopian fiscal year, earning 30.4 million U.S. dollars, up by 31 percent from the same period of the previous year.
“This year, Ethiopia’s coffee export to China is quite amazing. Last year, China ranked 33rd but this year it becomes 8th among Ethiopian coffee importers,” Debela said.
Ethiopia, which is known as the origin of Arabica coffee, is recognized worldwide for its rich coffee quality and flavor, which ranges from winy to fruity and chocolate, making the country’s coffee varieties on-demand across the globe.