RT.com
26 Sep 2023, 20:13 GMT+10
Customs authorities have prohibited tourists from taking the country's primary export crop out of the country
Ethiopian authorities have temporarily prohibited airline passengers from taking domestically produced coffee out of the country, the Russian embassy in Addis Ababa announced on Monday.
The embassy advised air travelers to consider this information when planning trips to avoid "unpleasant situations" at Ethiopian airports.
"In connection with the introduction of a new export order by the customs authorities of Ethiopia, Ethiopian coffee export by air passengers is temporarily prohibited in any form and quantity," the embassy said in a statement.
The embassy did not elaborate on the details of the new coffee export ban nor the reasoning behind it. Analysts warn, however, that the decision may have significant implications for the global coffee market and could spark a surge in coffee prices.
According to the London-based International Coffee Organization, Ethiopia is the largest Arabica coffee producer among African nations and ranks fifth globally in coffee production after Brazil, Vietnam, Colombia, and Indonesia. Over a quarter of Ethiopians live off the coffee trade, generating up to 30% of the country's foreign exchange earnings.
According to the Ethiopian Coffee and Tea Authority (ECTA), the country exported 240,000 tons of coffee worth $1.34 billion to the international market last year. Ethiopian coffee exports amounted to 27,000 tons worth $140 million in August alone.
Ethiopia's major coffee buyers are the US, Saudi Arabia, Germany, Japan, South Korea, Belgium, and the UAE. So far this year, the volume of coffee exports has jumped 18% in annual terms.
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of Malaysia Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Malaysia Sun.
More InformationKUALA LUMPUR, Malaysia - According to Malaysia's foreign ministry, 121 people, mostly Malaysians suspected of being victims of job scams, ...
QUETTA, Pakistan - Asif Ali Zardari, Co-Chairman of the Pakistan Peoples Party (PPP), stated on Thursday that 'some forces' impede ...
DHAKA, Bangladesh - The European Union (EU) expressed hope on Wednesday that Bangladesh would hold democratic, credible, peaceful, and participatory ...
NAYPYIDAW, Myanmar: Kyar Win, spokesperson for the Myanmar National Democratic Alliance Army, which launched a surprise offensive last month against ...
BANGKOK, Thailand: This week, Thailand's Deputy Finance Minister Krisada Chinavicharana said after a weaker-than-expected third quarter, the country will downgrade ...
LONDON, UK - Shahzad Akbar, a former accountability advisor to former Pakistani Prime Minister Imran Khan, has claimed that an ...
WASHINGTON D.C.: This week, the U.S. Federal Aviation Administration (FAA) said it implemented a new aircraft certification policy, which requires ...
WASHINGTON D.C.: As businesses built more warehouses and accumulated machinery equipment, the U.S. economy grew faster than initially forecast in ...
WASHINGTON D.C.: This week, the White House said that Senior Biden administration officials met with the makers of respiratory syncytial ...
CHEYENNE, Wyoming: This week, the Biden administration raised US$3.4 million from a sale of oil and gas drilling rights in ...
NEW YORK, New York - U.S. stocks extended their rally on Friday despite remarks by Federal Reserve Chair Jerome Powell ...
MOSCOW, Russia: Russia's trade in oil with India, one of the most lucrative oil trade routes since the imposition of ...