Ethiopia launches Electronic Trading System for Soybean and Chickpea

Ethiopia launches Electronic Trading System for Soybean and Chickpea

Addis Ababa — Ethiopia Commodity Exchange (ECX) has officially launched the electronic trading system of soya bean and chickpea to strengthen foreign trade transactions.

The modern trading system was launched officially in the presence of Trade and Industry State Minister, Misganaw Arega and Ambassador Fitsum Arega.

The system enables institutions to initiate transactions in the electronic center which the previous transaction lacks.

ECX was founded a decade ago and mainly trades agricultural commodities in its central trading system. It also provides services such as delivery of warehouses, product grade certification, and market information.

The new system would enhance ease of access to provide more service to farmers, suppliers, corporate and exporters, Ethiopia Commodity Exchange CEO, Wondmagegnehu Negera said.

These agricultural commodities are needed on the international market and the newly developed system will contribute to the country's foreign exchange earnings.

Wondmagegnehu revealed that last year, Ethiopia earned more than 91 million dollars from soybean and chickpea.

According to the Central Statistics Agency (CSA), an average of 439,000 tons of chickpea and 76,000 tons of soybean were produced, 54 and 58 thousand of which were exported in the last five years.

In order to improve accessibility, ECX opened a regional electronic trading center in Hawasa and promised to open more centers and branches in the future across the regions.

It has been learned that horse bean and niger seed will join the electronic trading system in the coming months.