Sunday, May 26, 2024
BusinessAuthority plans to expand coffee market

Authority plans to expand coffee market

The Ethiopian Coffee and Tea Authority announced it is working to boost exports by further expanding its market destinations to China and Russia.

“Encouraged by record high income in the last fiscal year, the authority plans to increase the production this year and is eyeing to widen the market by penetrating into new frontiers in its efforts to increase its coffee buying countries,” Shafi Oumer, Market Development and Inspection Sector Deputy Director at the Authority told The Reporter.

“China and Russia are attractive and potential countries that could be the new destinations. Therefore, we should do various activities to promote Ethiopian coffee in those countries,” Shafi said. He added “Ethiopian coffee is widely traded in countries like Saudi Arabia, Germany, North America, Japan, South Korea, Belgium, France, Italy and Sudan, and as the Authority targets to earn USD one billion in the new fiscal year, works should be done to expand the market to new frontiers.”

Apart from market search activities, the Authority is focusing on proper collection of coffee ready for the export market and training coffee growers on how to market their coffee properly.

Shafi explained that the Authority plans to participate in international coffee exhibitions, an activity that has been suspended due to the COVID-19 pandemic.

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There are exhibitions that will be hosted in the US in September, which is followed by other exhibitions in Japan, South Korea, Europe and the UAE. These are important to promote Ethiopian coffee abroad, and the Authority is encouraging coffee exporters and other stakeholders to partake in the exhibitions to display Ethiopian specialty coffees.

According to the Authority, even though the volume of coffee exported last year had decreased, the income generated was high, registering a record since 2017. One of the reasons for such increment is related to an increase in foreign exchange earnings. For instance, a ton of coffee was sold for USD 4,000 as opposed to USD 3,700 the previous year.

The Authority targets to sale 280,000 tons of coffee and plans to generate USD 1.04 billion in the new fiscal year.

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