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The Ethiopian Commodity Exchange (ECX) earned $ 2.9 billion in export revenue over the past seven months

The Ethiopian Commodity Exchange (ECX) has earned 2.9 billion USD from export in the past seven months.

Ethiopian Commodity Exchange CEO Wondmagegne Negera told ENA: The Commodity Exchange (ECX) is a major market for agricultural products.

He recalled that he had previously traded in coffee, sesame, red and white beans and other agricultural products.

He said more market opportunities have been created in the past two or three years by introducing more agricultural products such as green sorghum, soybeans, chickpeas and nougat into the trading system.

He said studies are underway to introduce agricultural products, minerals and other industrial products that generate better exchange rates into the trading system.

He also said that increasing the market capacity of the products has a significant role to play in creating a secure market for the produce of the producers, especially by increasing production and productivity.

He also said that it will also contribute to the growth of foreign exchange earnings and increase foreign exchange earnings.

He recalled that 3.6 billion USD was earned from export trade last year. He said $ 2.9 billion was earned in the first seven months of the current fiscal year.

On the other hand, he said work is underway to modernize the trading system by expanding its accessibility.

The Commodity Exchange has 23 branch offices across the country and has opened new warehouses in Mizan Aman and Tepe towns, he said.

He said the e-commerce system, which used to be a one-stop shop in Addis Ababa, is now working to create an efficient trading system by opening branches of regional electronic shopping centers.

He said it will help streamline the trading system by allowing suppliers, producers and cooperatives to trade in their respective regions without having to come to the main center.

He also said that the Commodity Exchange has opened a special trading window where agro-processing industries can trade from suppliers.

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