Addis Ababa October 27/2022/ENA/ The Ethiopian Commodity Exchange (ECX) announced that it will start trading wheat this Ethiopian budget year.
Over the last couple of years, Ethiopia has intensified efforts to boost production of wheat and Kenya and Djibouti have expressed interest to import the crop from Ethiopia.
ECX Corporate Media Communication Manager, Netsanet Tesfa said preparations have been made and trading wheat will start this Ethiopian fiscal year.
Although the ECX started trading with maize and wheat 15 year ago, the activity did not last more than few months due to inadequate wheat supply, it was learned.
However, Netsanet stated that trading of wheat through the ECX has now become necessary since the measure taken by the government over the last three years has increased wheat productivity.
According to him, this will not only benefit the farmer, supplier and exporter, but also the country which could earn foreign currency.
Stating that 25 of ECX’s branches are within the proximity of wheat producing areas of the country, the manager pointed out that the farmers and suppliers would get easy access to hand over their products.
Similarly, frankincense, korerima, rice, and “gibtto” will be traded at the ECX this Ethiopian year.