RT.com
26 Sep 2023, 15:43 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 InformationWASHINGTON, D.C.: President Donald Trump says the United States could soon reach a trade deal with India. He believes this deal would...
New Delhi [India], July 9 (ANI): Former Australian fast bowler Gordon Rorke passed away at the age of 87. Rorke, known for his towering...
LHASA, July 9 (Xinhua) -- At an apple base in Bepa Town of Nyingchi, southwest China's Xizang Autonomous Region, which sits at an altitude...
New Delhi [India], July 9 (ANI): In a landmark moment for Indian pickleball, Vanshik Kapadia, representing the All India Pickleball...
Wellington [New Zealand], July 9 (ANI): Ahead of the tri-series against Zimbabwe and South Africa, New Zealand have suffered a major...
Gurdaspur (Punjab) [India], July 9 (ANI): The Anti-Gangster Task Force (AGTF) Punjab has successfully stopped a major terror plot by...
LONDON, U.K.: This week, BP appointed Simon Henry, former Shell finance chief, to its board as a non-executive director effective September...
OTTAWA, Canada: With Canada Post struggling to maintain operations amid labour unrest, rivals like FedEx and UPS are stepping in to...
NEW YORK, New York - U.S. and global markets showed a mixed performance in Tuesday's trading session, with some indices edging higher...
PARIS, France: French military and intelligence officials have accused China of orchestrating a covert campaign to damage the reputation...
NEW DELHI, India: Birkenstock is stepping up its efforts to protect its iconic sandals in India, as local legal representatives conducted...
HONG KONG: China has fired back at the European Union in an escalating trade dispute by imposing new restrictions on medical device...