Ethiopia to start commodity market next year

May 25, 2006 (ADDIS ABABA) — Ethiopia plans to introduce a commodities market by next year in order to foster stable prices for export products, a top trade official said on Thursday.

A high-level economic delegation led by Deputy Prime Minister Addisu Legesse returned to Ethiopia this week after touring a commodities market in India to learn more about how to operate one.

“The commodities market which will be established in Ethiopia will have regulatory organ, which would help create stable market prices,” the official, who asked not to be named because he is not authorised to speak to the press, said.

“It would also help in fetching reasonable prices for quality products and market prices would also be easily available,” he said.

Most of Ethiopia’s exports are agricultural products like coffee, pulses, oil seeds and spices, sugar, meat and live animals, the amphetamine-like leaf qat and flowers. It also exports gold and textiles.

The country earned $750.7 million from exports to international market during the 10 months June 2005 to May 2006, according to Ministry of Trade and Industry.

Imports last year stood at $2.9 billion, according to the Ethiopian Customs Authority.

(Reuters)