The Ethiopia Commodity Exchange (ECX) has embarked on electronic trading system of soya bean and chickpea for purposes of enhancing foreign trade transaction. The system is set to enable institutions to undertake the transactions in the electronic center that the previous transaction lacks.
The ECX CEO Wondmagegnehu Negera said that the new system will enhance ease of access to provide more service to farmers, suppliers, corporate and exporters. The system will help to promote foreign exchange earnings for the country. It also could not have come at a better time since these agricultural commodities are needed at the international market.
Wondmagegnehu further disclosed that Ethiopia earned over US $91m from soya bean and chickpea last year. According to Central Statistics Agency (CSA), on average 439,000 tons of chickpea and 76,000 tons of soybean have been produced. Of these, 54,000 and 58,000 are exported respectively over the last five years.
For purposes of enhancing its accessibility, ECX opened a regional electronic trading center in Hawasa. The institution further pledged to open more centers and branch offices across the regions in the future.
According to media reports, the horse bean and niger seed will join the electronic trading system in the next months, respectively. The modern trading system launched officially at the presence of Trade and Industry State Minister, Misganaw Arega and Ambassador Fitsum Arega.
