Apparel export earnings likely to rise to $1 mn

20 Jul '10

2 min read

Ethiopia has come out with a plan to hike the annual export earnings that it draws by exporting its garments. It intends to hike its export earnings to US $1 billion, over the period of next five years.

The country, intending to attend this mark of export earnings worth $1 billion, has already initialized its efforts on this front.

Industry sources believe that, the nation during the concerned phase would cut down on domestic garment consumption, which almost comes to 90 percent as on date, and would add the same to the export volume.

The revenue target that the country intends to attain over the stipulated period of time comes to almost 40 times that of the revenue of $25 million, reaped by the country in its immediate preceding financial year.

The country for the existing financial year, eyes to generate revenue of $100 million from textile exports.

The sector has shown remarkable development in the last five years, he said. The amount of foreign currency secured from export of garments has reached 25 million US dollars in 2002 EC from only four million USD some eight years ago.

The sector has marked significant growth over the last five years. The foreign currency earned from garment exports has reached $25 million in 2002 EC from merely $4 million, 8 years back.

According to the experts, around 42 medium and high-scale enterprises in Ethiopia, those functional in the textile sector either directly or indirectly, participated in the export trade.

Fibre2Fashion News Desk - India