ECX has officially launched the trading of soybean and chickpea trading at the Exchange’s platform in the presence of H.E. Ambassador Misganu Arega, State Minister of Ministry of Trade and Industry, higher government officials and invited guests.
Wondimagegnehu Negera, CEO of Ethiopia Commodity Exchange on the occasion said that soybean and chickpea entered to the platform with the interest of different stakeholders in the market. He added that the Exchange has started accepting the commodities in its nine branches.
As he stated, according to the CSA report, 439 thousand tons of chickpea and 76 thousand tons of soybean is produced annually. On average 54 thousand tons of chickpea and 58 thousand tons of soybean is exported to the international market. In 2018 Ethiopia has earned 91 million USD from exporting 110 thousand tons of soybean and 49 thousand tons of chickpea.
This shows that the commodities are highly demanded in the international market and the introduction of the commodities to ECX will assure consistent flow of the supply to the market with regard to volume and enables suppliers to get their money on the next day of selling.
Ministry of Trade and Industry mandated soybean and mung bean to be traded only at the Exchange’s platform and this in turn helps for the successful trading of the commodities.
It is mentioned on the occasion that horse bean and niger seed will join the modern trading system soon. In order to increase the accessibility of the modern trading system Humera and Nekempt regional eTrade centers will be operational soon, and new branches will be opened at Metu and Tepi.