Gold Beats Coffee   

Foreign currency generated from export of Gold exceeded coffee, for the first time. Gold generated USD265.3 million during the first quarter of 2020/21, while coffee USD230.5 million, followed by cut flower and khat, at USD138.2 million and USD129.5 million, respectively.

Revenue from gold during last year same quarter stood at a staggering USD6.1 million, while coffee was USD232.1 million. But gold export splintered especially since the fourth quarter of 2019/20 fiscal year, during when it grew by 3,239.5pct, according to NBE.  The gold bonanza owed to declining of smuggling under covid19, improvements in NBE’s gold purchasing offering and increasing gold price in international market.

Gold revenue rose to a record high USD602.4 million in 2011/12 fiscal year, before it nose dive to USD27.9 million in 2018/9 fiscal year. Revenue from coffee export persisted at above USD750 million, through the years, but did not see significant increment in value and volume.

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