Addis Ababa, Ethiopia (11 April 2023)
In a bid to stabilize the rice market, the Ethiopian Commodities Exchange (ECX) has included rice in its marketing system for the first time ever. This move is expected to allow rice suppliers and demanders to engage in bids easily and access the actual daily price of rice.
On the launching day of rice trading via electronic exchange platforms in Ethiopia, a total of 60 quintals of rice was exchanged for 6,400 birr per quintal, resulting in a transaction value of 383,232 Birr.
The inclusion of rice trading is a significant step for Ethiopia, a country that has traditionally been a major importer of rice. The production of rice has been growing yearly in Ethiopia, and it is now being produced in several states including Amhara, Oromia, SNNPR, Gambella, Benishangul Gumuz, and Tigray states. Reports indicate that the annual production of rice has reached two million tons during the last few years.
ECX’s launch of trading five agricultural products including rice, wheat, gibto, bean, cardamom, and incense is a significant step towards creating a stable market for agricultural products in Ethiopia.
Source: The Ethiopian Herald
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