From: Biniam Haile \(SWE\) (eritrea.lave@comhem.se)
Date: Tue May 05 2009 - 18:25:25 EDT
Export falls $800mln short of Weyane's target
Posted 5th May 2009
Abbay Media Editors Note
This report clearly shows the inability for the current regime to plan
and execute its own plan. It clearly demonstrate it hasn't got the
ability to manage numerical figures.The regime has become an addict in
blaming anything and everything but itself. Please note, the figure
Weyane got wrong is nearly 50 % of it's own predictions, and will be a
massive dent in its coffer. Since Weyane doesn't seem to be concern for
the well being of the population, this shortfall will only worry Weyane
as it will make it difficult for them to maintain their very costly
repressive security apparatus. To find out more on the current state of
Ethiopian Economy, you can refer to the 4 parts video analysis, which Dr
Berhanu Nega gave to ETN
http://www.ethiotube.net/video/3427/Dr-Berhanu-Nega-on-the-State-of-Ethi
opian-Economy--Part-1
By Hayal Alemayehu
Export revenues secured from more than 34 items during the first nine
months of the current Ethiopian fiscal year fell USD 800 million (43
percent) short of Weyane target, latest data obtained from the Ministry
of Trade and Industry (MOTI) indicated.
While Weyane's nine-month export revenues forecast stood at USD 1.8
billion, the actual foreign currency earned from the first three
quarters of the current fiscal year was only above USD one billion,
according to MOTI's data.
The data indicated that the nine-month export performance was not only
way below the target but it also showed that the revenue earned was less
than that during the same period of the previous years.
Accordingly, export revenues from the country's major export item
including coffee, have witnessed a significant decline.
Coffee exports during the reported period fetched USD 251 million, an
amount 53.5 percent lower than the forecast figure. The foreign currency
earned from the country's major export item during the period under
review was 36 percent less than that of the same period during the
previous year.
Some USD 229 million was secured from the country's second major foreign
currency earner, oilseeds. The revenue secured from the exports of
oilseeds was 16 percent lower than the target while it is significantly
higher than that of the same period of last year.
Khat, which surprisingly turned out to be the third major export item
with hides and skins exports falling over the last few years, has
fetched USD 104 million. The amount secured was, however, ten percent
short of the target and 30 percent higher than that during the same
period of last year.
Flower export, which over the last few years became one of the top five
export items, fetched USD 94 million during the reported period. The
amount earned from the export of flowers is 40 percent lower than the
target and 24 percent higher compared to the same period of last year.
The fall in most of the major export items was mainly attributable to
the drop in commodity prices across the globe, according to industry
observers.
While the Weyane's target for export during the current year stood at
some USD 2.5 billion, the actual performance of the sector has long
proved Weyane's forecast is simply unattainable.
Source: Reporter
Also click on the banner below for further analysis on the Ethiopian
Economy under TPLF.
http://www.abbaymedia.com/The_Ethiopian_Economy_and_the_Way_Forward.htm