The Ethiopian Commodity Exchange (ECX) traded 48,000 tons of soybeans worth of ETB 1.2 billion in one year. ECX said, in the special window trading system, the oil-producing factories are the direct participant with proper training and use of technology which enabled the factories to buy the right inputs for their annual production.
The special window transaction was officially launched on November 2020, and the launch of the transaction has given better value not only to the processing industry but also to farmers and suppliers, said ECX press statement. Ethiopia is also making a significant contribution to saving the foreign exchange it spends to buy oil from abroad.
There are around 26 medium and large edible oil factories with daily processing capacity of more than one metric ton and about 720 small edible oil processors, mainly cottage industries. Ethiopia which has basically more than the 2.5 million liters daily demand, spends close to US$ one billion annually to import edible oil, according to a study conducted by the government last year.
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