Soybean and chickpea have significant demands in the international market and the newly launched electronic trading system will help to promote foreign exchange earnings for the country.
ADDIS ABABA (ENA)–Ethiopia Commodity Exchange (ECX) embarked on electronic trading system of soybean and chickpea on 16th January to enhance foreign trade transactions of the products.
The system enables institutions to undertake the transactions in the electronic center that the previous transaction lacks.
The new system is expected enhance ease of access to provide more service to farmers, suppliers, corporate and exporters, ECX CEO, Wondimagegnehu Negera said.
These agricultural commodities have significant demands in the international market and the system just developed will help to promote foreign exchange earnings for the country.
Ato Wondimagegnehu disclosed that Ethiopia earned over 91 million USD from soybean and chickpea last year.
◌ The Ethiopia Commodity Exchange (ECX) brings soybean and chickpea to its trading system
According to Central Statistics Agency (CSA), on average 439,000 tons of chickpea and 76,000 tons of soybean have been produced, of which 54 and 58 thousands, respectively, are exported over the last five years.
In enhancing its accessibility, ECX opened regional electronic trading center in Hawassa and pledged to open more centers and branch offices across the regions in the future.
Horse bean and niger seed will join the electronic trading system in the next months, it was learnt.
The modern trading system launched officially at the presence of Trade and Industry State Minister, Misganaw Arega and Ambassador designated Fitsum Arega.
Established in 2008, the Ethiopia Commodity Exchange is designed to be a marketplace where buyers and sellers meet to trade, assured of quality, delivery and payment. The ECX is a national multicommodity exchange with the aim of providing market integrity, by guaranteeing the product grade and quantity
Source: ENA
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