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Ethiopian Reporter
20 October, 2007
Ethiopia's exports to the US during the first eight months of 2007 registered a USD 9.5 million increase compared to that of the same period the previous year, latest statistics compiled by the US International Trade Commission indicated.
The country exported goods worth over USD 62.6 million to the US during the reported first eight months of 2007, the foreign currency earned showing an eighteen percent surge.
Accordingly, Ethiopia's export of apparels to the US during the first eight months of 2007 was up by over 67 percent against figures for the same period the previous year.
Although the export of apparels registered a marked growth, the amount of foreign currency secured barely counted compared to the total earnings AGOA eligible African countries shared among themselves from the sector.
The country secured a meagre USD 4.6 million from the export of apparels during the same period while the total earnings the 38 AGOA eligible African countries (including Ethiopia) share stood at over USD 871 million.
The trade balance between Ethiopia and the US, which has been in favor of the latter, shrunk to USD 54 mln as of the end of 2006, down from a staggering USD 417 million in 2004, according to the latest data.
By Hayal Alemayehu