By Muluken Yewondwossen
ECX trades 6.7 billion birr worth commodities
Traders transacted about 6.7 billion birr worth of commodities under the Ethiopian Commodity Exchange (ECX) trading system in the past budget year. The main trading product has been coffee (220,000 tons). The rest of the trading volume was sesame, maize and wheat.
It’s the second successful budget year since the ECX, a modern electronic grain trading facility, first introduced its trading system early 2008. About 2.7 billion birr worth of commodities has been traded on the ECX floor in the first year. This year’s result is an increment of 148 percent, says Dr. Eleni Zaude Gebre Medhin, CEO of ECX.
“Our capacity is moving up. In the next budget year we will undertake the exclusive trading of sesame and white pea beans, like coffee,” Eleni said at a press conference held Thursday at the annual ECX forum at the Sheraton Addis Hotel. The trading of the two products is expected to be launched this month. According to the CEO about 250,000 tons of sesame and white pea beans will be traded under the exchange floor next year. “In addition 40,000 tons of maize is expected to be traded,” she added.
The past two years the exchange commodity has mainly focused on the trading of coffee, which is the backbone of Ethiopia’s economy, bringing in one fourth of the country’s foreign currency. In the past budget year about 221,000 tons of coffee and other products have been traded under the ECX. In comparison, a year before it was 138,000 tons.
Previously, the World Food Program (WFP) and ECX signed an agreement about grain trading needed by WFP. The United Nations food program has bought some grains through the exchange and is expected to buy more next year.
The coming months will be the major peak season for crop production. Sesame is one of the largest export items after coffee. Ethiopia is the world’s fourth largest sesame producer after China, India and Myanmar.
ECX is a domestic market system linking local suppliers with exporters and other buyers. The trading bell first rang on the trading floor of the ECX in April, 2008. When it began, the exchange traded wheat, maize and haricot beans, taking on coffee trading on December 2, 2008.
On the forum, the newly established National Exchange Actors Association led by Hamid Hussein, intermediary member of ECX, has approved its over 3 million birr annual budget and the contribution expected from full trading members is set to be 3,000 birr a year. The exchange has nearly 250 full members.
Traders transacted about 6.7 billion birr worth of commodities under the Ethiopian Commodity Exchange (ECX) trading system in the past budget year. The main trading product has been coffee (220,000 tons). The rest of the trading volume was sesame, maize and wheat.
It’s the second successful budget year since the ECX, a modern electronic grain trading facility, first introduced its trading system early 2008. About 2.7 billion birr worth of commodities has been traded on the ECX floor in the first year. This year’s result is an increment of 148 percent, says Dr. Eleni Zaude Gebre Medhin, CEO of ECX.
“Our capacity is moving up. In the next budget year we will undertake the exclusive trading of sesame and white pea beans, like coffee,” Eleni said at a press conference held Thursday at the annual ECX forum at the Sheraton Addis Hotel. The trading of the two products is expected to be launched this month. According to the CEO about 250,000 tons of sesame and white pea beans will be traded under the exchange floor next year. “In addition 40,000 tons of maize is expected to be traded,” she added.
The past two years the exchange commodity has mainly focused on the trading of coffee, which is the backbone of Ethiopia’s economy, bringing in one fourth of the country’s foreign currency. In the past budget year about 221,000 tons of coffee and other products have been traded under the ECX. In comparison, a year before it was 138,000 tons.
Previously, the World Food Program (WFP) and ECX signed an agreement about grain trading needed by WFP. The United Nations food program has bought some grains through the exchange and is expected to buy more next year.
The coming months will be the major peak season for crop production. Sesame is one of the largest export items after coffee. Ethiopia is the world’s fourth largest sesame producer after China, India and Myanmar.
ECX is a domestic market system linking local suppliers with exporters and other buyers. The trading bell first rang on the trading floor of the ECX in April, 2008. When it began, the exchange traded wheat, maize and haricot beans, taking on coffee trading on December 2, 2008.
On the forum, the newly established National Exchange Actors Association led by Hamid Hussein, intermediary member of ECX, has approved its over 3 million birr annual budget and the contribution expected from full trading members is set to be 3,000 birr a year. The exchange has nearly 250 full members.
Source: Capital Ethiopia
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