Ethiopia has generated more than $8.7 billion in export revenue over the first 10 months of its current fiscal year, surpassing the government’s target and highlighting the impact of ongoing economic reforms.

The East African country exceeded its $7.25 billion export target by 20%, according to the Ministry of Trade and Regional Integration.

Export earnings also rose by 43.3% year on year, an increase of about $6.08 billion compared with the same period a year earlier.

Speaking on Friday, May 15, Ethiopia’s Minister of Trade and Regional Integration, Kassahun Gofe, said the stronger performance was driven by trade policy reforms and increased activity from exporters and industry stakeholders.

The latest figures come as Ethiopia presses ahead with broader macroeconomic reforms aimed at stabilising its economy and attracting investment.

Since July 2024, the government has implemented measures, including the liberalisation of the foreign exchange market, a long-awaited move designed to narrow the gap between official and parallel market exchange rates.

Gofe said the reforms are expected to improve the country’s long-term export competitiveness by easing market distortions and encouraging foreign currency inflows.

Despite the recent gains, Ethiopia’s export sector continues to face structural challenges, including foreign exchange shortages, logistical constraints, and volatility in global commodity prices.

Coffee remains Ethiopia’s leading export commodity, consistently contributing about one-third of annual export earnings. Major export destinations include China, Saudi Arabia, Germany, and the United States.