Ethiopia’s income from the export of metal and engineering products has registered a major downfall, Ethiopia’s Metals Industry Development Institute revealed on Tuesday.

The east African country had an initial target of generating 75 million U.S. dollars from the export of metal and engineering products during the just concluded 2016-2017 Ethiopian fiscal year. The country, however, was only able to earn 47.9 million U.S. dollars from the sector during the reported period.

The Ethiopian Metals Industry Development Institute, announcing its annual report on Tuesday, attributed the reported decrease mainly to challenges associated with lack of foreign currency and shortage of raw materials.

According to the institute, sector’s poor competitiveness both in quality and quantity of production was also another major factor for the registered export income downfall.

Mobile phone export, contributing more than 44 million U.S. dollars income, was said to be the largest source of export revenue in the sector. Export of jewelries, home appliances and machineries have also contributed more than 3 million U.S. dollars of the total 47.9 million U.S. dollars that was generated from the sector during the reported period.

The institute further expressed its ambition to solve the major challenges that hinder the sector during the just concluded 2016-2017 Ethiopian fiscal year.

The east African country has previously announced 74 million U.S. dollars earning from gold exports during the same fiscal year. The revenue was smaller by half from the last fiscal year 2015-2016, when Ethiopia earned 150 million U.S. dollars from gold exports.

The Ethiopian Mines, Petroleum and Natural Gas has blamed primarily contraband gold trading for the decrease registered in gold exports revenue. Enditem

Source: Xinhua/Newsghana.com.gh