Ethiopian Commodity Exchange (ECX) traded 2.16
billion birr worth commodities in October
Monday, November 8, 2019
Ethiopian Commodity Exchange transaction saw a significant increase last month
Ethiopian Commodity Exchange scene. Source : ECX
By Tesfa-Alem Tekle
November 8, 2019
(ADDIS ABABA) – The Ethiopian Commodity Exchange (ECX) on Friday announced that it has traded a total of 44,394 tonnes of commodities worth 2.16 billion birr in the month of October alone. According to a statement it extended to Borkena today, the exchange has transacted a total of 21,034 tons of coffee, 1,346 tons of white pea bean, 9,434 tons of Sesame, 6,534 tons of Soya bean and 6,046 tons of green mung. The value and volume transacted in October has seen an increase by 19% and 7% respectively compared to that of last month. The statement noted that the significant trade increase in October was recorded after the Ministry of Trade and Industry (MoTI) recently passed a directive that allowed exporters of mung beans to exclusively trade their products via ECX.
During the stated month 6,046 tons of mung beans has been traded for 168 Million birr. However, Coffee is the leading exporter of October’s transaction volume. "Coffee took a market lion’s share contributing 47 % in trade volume and 67% in trade value" part of the statement reads. "Export coffee trade dominated the market by controlling market attention with 66% of the volume and 65% of the value. 13,947 tons of unwashed export coffee had been transacted for 938.2 million birr" it added. During the month, 10 tons of washed coffee had been exported with 588 thousand birr.
Trade of coffee for local consumption had offered 6,309 tons of coffee that was traded for 432.78 million birr and 767 tons of Specialty Coffee had been traded for 71.14 Million birr. During a stated period of time a total of 9,434 tons of sesame had been traded for 419.75 million birr. "Humera/Gondar sesame took higher share of the market scoring 61% and 66% in terms of volume and value respectively," it said. Assessing the comparison of sesame market with the previous month’s performance, its trade volume and value has significantly increased by 136% and 88% respectively.
"Similarly 1,900 quintals of the other mandated commodity, red kidney bean, has been traded for 184 thousand birr" the statement revealed. According to ECX, the supply and trade volume is expected to increase in the coming harvesting months.