The April Export figures are in, unsurprisingly shipments are sharply down vs April a year ago and the previous month (March 22). A combination of logistical problems (which we have been discussing last couple of weeks) and the terminal market downturn since the latter part of February are reflected in this very poor export performance figure. Export volumes should be increasing month on month not decreasing, we think this may only be a blip since shipping lines have been addressing the lack of vessels calling Djibouti and container availability of the past few weeks. Stocks of Washed coffee held in Addis are still high, exporters have lowered their asking prices however, differentially prices remain very high. Some mills are so congested with with unprocessed washed coffee that are close to gridlock making it difficult to get naturals processed. Business activity remains somewhat muted despite the 16 c/lb in NY move on Wednesday!
Ethiopia’s telcoms giant has started rolling out a 5G network in parts of Addis:
Little change in the forex rate Birr 51.47 = USD 1
Have a good weekend.
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