Ethiopia exports fallen by 12% in 2023

 

Ethiopia is a progressing country of the African subcontinent. Ethiopia is currently the 58th largest economy in the world. According to the Ethiopia customs data reports, Ethiopia's total trade value was estimated around $29 Billion during the fiscal year 2022. Ethiopia was ranked 105th leading importer in the world. Whereas, in terms of exports, Ethiopia stands 126th biggest exporter in the world. 

As per the Ethiopia export data, the country’s total exports stood around $10 billion in 2022. Ethiopia's major exports include coffee, gold, oilseeds, vegetables, dried legumes, flowers, aircrafts, cassava, etc. The United Arab Emirates was the top importer of Ethiopian goods with over 23% share in Ethiopia's total exports. 

The United States was the second most importing destination of Ethiopian goods, having 11% share. Similarly, Somalia, Saudi Arabia, Germany, Netherlands, China, Singapore, Japan and India.

So far in 2023, Ethiopia exports have declined significantly. As per the latest Ethiopia import export data reports, from January to July 2023, Ethiopia’s total earnings are recorded to be 3.6 billion dollars. That is so far from the target of 5.4 billion dollars. Whereas, for the same period, the exports were 4.2 billion dollars. 

Agricultural goods have over 70% share in Ethiopia's total exports. Green beans were the agricultural exports from Ethiopia with over 1.3 billion worth exports during 2023. Second most exported agri product from Ethiopia was coffee with over 240 K tonnes worth shipments. Although, it was 20% less as compared to the previous year. 

Also, the industrial exports saw a 22% decline, standing at only 400 million dollars while manufactured goods fell by 45%. Ethiopia's mining exports were also affected. They were just 325 million dollars. Whereas the mineral exports from Ethiopia covered the majority of export share. It stands at around 250 million dollars. These were mostly gold. One of the main reasons behind Ethiopia’s decline in exports could be the restricted goods exports by government.

Ethiopia did a tremendous amount of imports in 2022. Ethiopia’s imports were 8% more as compared to the previous year. According to the Ethiopia import data reports, the country’s total imports were totaled to be 19 billion dollars in fiscal year 2022. China and India are the most preferred markets for Ethiopia's major exports.         

The Global import export data provider reports reflect that China had over 25% share in Ethiopia's total imports. Whereas India exported around $2.5 billion dollars in 2022. The other significant contributors to Ethiopia's imports were the United States, Turkey, Malaysia, UAE, Kuwait, Ukraine and Japan.

Cereals are the most prominent imports of Ethiopia. Among which Wheat is the most imported good by Ethiopia with over 925 million dollars in 2022. Refined, crude petroleum, gas turbines, medicines, palm oil, aircrafts, vaccines, delivery trucks and iron products.

Ethiopia is an emerging market and could seek positive growth in future. Ethiopian buyers and suppliers can make good sales through expert market intelligence. Exim GTIS is one such platform through which they can find demand, explore marketplaces, and discover potential customers from the international market. Ethiopian companies can avail this cost effective market research tool from Exim Trade Data portal.