Saturday, July 13, 2024

Coffee value increases 55% at ECX


During September’s 20 trading days, the Ethiopia Commodity Exchange (ECX) has traded 2.1 billion birr in commodities. Coffee’s trade value has increased 55 percent compared with the same period last year.
ECX, which has been expanding the types of commodities it trades, announced that 38,500 tons of products were traded on their floor.
ECX traded five types of commodities but the volume of coffee, the historical hard currency earner of Ethiopia, was at the top.
September in Ethiopia is considered to be the end of the harvest season and a transition time into the new harvest season. During September Coffee took the largest share of the market with 56 percent trade volume and 76 percent in trade value as 21,500 tons of coffee were harvested.
The trade volume and value of coffee increased by 47 percent and 55 percent respectively, compared with the same period last year. The average price of coffee has also increased by 2 percent during the month, export coffee trade dominated the market with 76 percent of the volume and the value followed by local and specialty coffees. There were 15,967 tons of unwashed export coffee transacted for 1.18 billion birr.
Soybeans, which are a new commodity at ECX, came in second in terms of volume. In the 20 trading days over 7 thousand tons of soybeans were traded. Green mung beans, which are also new to ECX, were third at 5 thousand tones. The value of soybeans traded in September, came 111.29 million birr, while the Gojjam type had the greatest share at 68 percent in trade volume and value respectively.
The green mung bean was traded at a value of 157.54 million birr during the month, according to ECX’s monthly statement. Compared with the trading in August, it has increased by 160 percent and 170 percent in terms of trade volume and value respectively.
Compared with a similar period last year, sesame, which brings in the second highest amount of hard currency of the commodities traded at EXC, increased in trade volume by 94 percent and in trade value by 141 percent and in price by 19 percent. Almost 4,000 tons of sesame were traded in September; a value of 223.25 million birr.
In the past budget year traders or exporters say illegal traders attempting to obtain hard currency purchase the seeds at a very low rate. They lose money on the international market in order to obtain foreign currency. They then turn around and use that to import other products. The Ministry of Trade has threatened that they will revoke the license of these unethical business people.
In September, 858 tons of white pea beans valued at 20.6 million birr were traded on the ECX floor. White pea beans are the second pulse product transacted there. white pea beans, which is the other pulse traded on the ECX floor
In September a total value of 2.1 billion birr was traded at ECX. October should see new products on the market as it is considered the start of the new harvest season.

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