Addis Ababa, December 31, 2024 (FMC) — Ethiopia has secured over 1 billion USD from gold exports in the last five months, a development attributed to the recent macroeconomic reforms, according to the Ministry of Trade and Regional Integration.
The third National Anti-Illicit Trade Summit, organized by the Ethiopian Chamber of Commerce and Sectoral Associations, was held in Addis Ababa today.
Opening the summit, Minister of Trade and Regional Integration Kassahun Gofe highlighted the significant endeavors which are being undertaken by the government to control contraband and illicit trading.
During the past five months especially following the execution of the macroeconomic reform, massive regulatory measures have been undertaken in collaboration with regional states and trade structures at all levels, the minister affirmed.
For the minister, due to the collaborative works among pertinent stakeholders, encouraging achievements registered during the stated period.
Accordingly, the inflation rate of food-related goods reduced to 19.2 percent from 29.2 percent before the reforms, as a result the measures taken by the government.
The macroeconomic reform which has been under implementation by the government since July 2024 also yields effective achievements in reducing illicit trade especially in the export sector, the minister pointed out.
For instance, the country secured around 300 million USD from gold export during the last Ethiopian Fiscal Year, he said, adding Ethiopia has obtained more than 1 billion USD from gold export during the past five months alone.
Livestock has also been one of the sectors which has been reviving and registering encouraging achievements during the past five months.
Last year, the annual export revenue gained from livestock was 18 million USD as the nation already secured 20 million USD during the past five months alone.
The minister further noted that contraband goods valued at 15.5 billion birr were seized during the 2016 Ethiopian Fiscal Year.
Noting that the measures being undertaken through the macroeconomic reform has played a crucial role for the recent success of gold export, livestock and other sectors, the minister reaffirmed that such trends will be reinforced in a more coordinated manner.
Trading with no legal license, creating artificial shortage of products, and increasing the price of goods with no economical reason are the main examples of illicit trade alongside the contraband trade, it was indicated.
Following the implementation of the reforms, practical measures ranging from verbal warnings to legal measures have been taken against 108,000 traders involved in illicit activities, the ministry revealed.