Ongoing strong Export performance

All

We recorded in April 28.8 k MT of Exports in Ethiopia a new record for the month of April, following a record March. Things are looking good for this year! It will be interesting to see how Export shipments progress over the coming 4 months (peak shipment season); we believe that exports will remain at a very high level, prices are attractive, quality is good and the crop is big.

Internal flow is nearly restricted to Vertical Integration. The increase in terminal prices continues to strain the relationships between Agrabes and Shippers, with the former pushing to renegotiate previously agreed prices to better reflect a higher NY market. We expect some disruption but we not expect the overall export figures to be negatively impacted by stakeholders wrangling!

Covid cases continue to decline on a weekly basis and vaccinations are ongoing, so far nearly 1.5 Million doses have been administered.

Elections are still set to take place in June. The European Union is no longer sending a monitoring team to the country having not been able to agree a remit for their monitors with the Ethiopian Authorities. Registration to vote has been extended so as to allow more of the population to cast their votes in a few weeks’ time.

Birr 42.45 = USD 1

Have a good weekend.