The Ethiopian government said on 3 January that it has generated more than 334 million U.S. dollars from the export of coffee to the global market during the past five months.
The announcement by the Ethiopian Coffee and Tea Development and Marketing Authority on Wednesday said that the east African country has secured the reported amount of revenue from the export of 92,136 tons of coffee to the global market.
Ethiopia is one of Africa’s largest producers of Arabica coffee, in which coffee production is dubbed as the backbone of the country’s agriculture-led economy.
The east African country had generated a record 866 million U.S. dollars from the export of coffee last Ethiopian fiscal year from the export of 221,000 tons of coffee to 56 countries worldwide.
Ethiopia’s coffee export earnings for the 2016/2017 fiscal year saw a 92 percent achievement of the initial target, which was set by the state-owned Ethiopian Coffee and Tea Development and Marketing Authority.
Germany, Saudi Arabia, the United States, Belgium, Sudan and South Korea were among the top importers of the Ethiopian coffee, accounting for close to 86 percent of the total coffee exported from Ethiopia last fiscal year.