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The overall manufacturing sector in Ethiopia has slipped more than 30% from the target in the past budget year, according to a report from the Ministry of Industry (MoI). It registered only US$397.7 million while the target set was to earn US$1.2 billion.
The government had a target of earning US$2.2 billion after the completion of the ambitious Growth and Transformation Plan (GTP) period and it looks almost impossible to make up the deficit within the remaining one year which sees the closing of the five-year GTP. Export earning from the manufacturing sector was US$256 million at the start of the GTP period.
Textiles and leather and leather products have been considered the main drivers of the manufacturing sector by the government, though they yielded quite low figures as the textile industry generated only US$111.4 million of the expected US$350 million and US$132.9 million was secured from the leather and leather products in past budget year, according to the MoI report.
However, the ministry still believes that the sector is gaining a considerable increase year-on-year despite the failure to meeting the target. For instance, both the textile and leather and leather products industries saw a 12.5% and 8.3% increase respectively in the outgoing budget year compared with the previous year. It also predicts an 18% increase in the manufacturing sector this year.
Source: Allafricacomments powered by Disqus