Corporation Earns 600,000 USD from Incense, Natural Resins Exports in ten Months

1 min read

Addis Ababa June 26/2022/ENA/ The Ethiopian Agricultural Works Corporation disclosed that it has generated 600,000 USD from natural resins and incense exports in the past ten months of the current Ethiopian fiscal year.

The corporation, which is providing agricultural inputs and implementing integrated agricultural mechanization services to farmers as well as pastoralists at affordable prices, is enabling the country to earn foreign currency from the sector by supplying forest products such as incense, natural resins and myrrh to local and international markets.  

The corporation buys these forest products at its own production site to add value and exports 90 percent of its products to associations and individuals engaged in the sector, it was learned.

Ethiopian Agricultural Works Corporation Communication and Social Affairs Head, Gashaw Aycheluhem said the corporation has exported 2,300 quintals of produce in the past 10 months.

Stating that the 600,000 USD was earned by exporting the products to Europe, US, Latin America and Africa, Gashaw pointed out that preparations are also underway to export 400,000 USD worth of forest products.

Noting that illegal trade is a pressing challenge to export the required forest products, Gashaw stated that efforts are underway to curb the problem.

According to him, the production is equipped with better technology and is adding value to the products.  

Yet, he stated that it is vital to import more sophisticated technologies and employ specialized experts in the future to further add value to the forest products.

Since its inception some six years ago, the corporation has earned over 13 million USD from the export of incense, natural resins, myrrh and apricot, and 79 million Birr from domestic production.

Source link