Ethiopia’s currency
devaluation boosted exports in the past six months and helped narrow
the burgeoning trade gap, Prime Minister Meles Zenawi said. The
Ethiopian birr was devalued by 16.7 percent in September last year to
bolster competitiveness, the fourth such move since 2009. Ethiopia’s
export revenue reached $1.11 billion during the first half of this
year, while first-quarter revenue rose 64 percent from a year earlier,
according to the trade ministry.
The Horn of Africa nation recorded a trade deficit of some $5 billion last year.
Meles said imports in the last six months have increased 30 percent, compared to exports during the period.
“The fact that
exports are growing faster than imports is precisely what the
devaluation programme was intended to achieve,” he told journalists
late on Saturday.
“On balance, we are
comfortable with the trade figures. We have done better than planned in
the export sector that among other things is reflected in the
(increased) foreign exchange reserves,” Meles added.
