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ECX traded 4.4 billion Br in the past quarter, upgrades exchange system

Avatar: Addis Zeybe
Addis ZeybeNovember 18, 2021
City: Addis AbabaEconomyNewsBusiness
ECX traded 4.4 billion Br in the past quarter, upgrades exchange system

The Ethiopian Commodity Exchange traded 51,640 metric tons at 4.4 billion Br. in the first four months of the 2014 fiscal year. 

Despite the fact that the last four months have not been in the harvest season, the production market has traded 17,690 tons of coffee; 15,445 tons of sesame; 3,024 tons of white beans; 4,731 tons of soybeans, 3,368 tons of green sorghum; 1,904 tons of bean sprouts; 215 tons of red beans and five tons of pigeons, regardless.

As the price of green sorghum in the world market continues to rise, so does the price in the commodity market. According to ECX, the average trading price of a quintal in July 2021 was Birr 7,235.00 and increased to Birr 7,841.00 in October 2021. The price has doubled compared to the same period last year, which has benefited farmers and suppliers. It is also noted that High-quality green sorghum is expected to hit the market in the coming months.

The red bean market, on the other hand, is more than 50 percent in amount, which makes it more than double the same period last year and also in price. This progress is brought by a significant change in awareness in addition to national law enforcement efforts of preventing illegal smuggling. It is also stated that the red bean trade price is improving in the modern trading system which has contributed to the increase in the volume and price of the product. 

Moreover, four spices; black cumin, dill, fennel, and pepper; Guayace have also been incorporated into the modern trading system and they will be marketed starting from the current production season.

ECX has also made improvements in its coffee product delivery system based on customer demands. The service upgrades have shortened the three-day warehousing service to a one-day process for suppliers to deliver their products at each branch.

The previous long process of testing and approving coffee product samples at a laboratory is being conveniently handled at the place where the sample is taken. This enabled customers to maintain the quality of their coffee and make them competent in the market. The coffee grading system is lowered from nine levels to five, making the coffee leveling to be aligned with the international and national standards. This avoids the wide gap arising between clients’ coffee reducing rating complaints and setting up sustainability, according to the company. 

The Ethiopian Commodity Exchange (ECX) has traded 39.6 billion Birr worth of commodities in the last Ethiopian fiscal year.

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