As we know, Ethiopia is one of the fastest-growing economies in the world. In 2023, Ethiopia reached an estimated GDP scale of 156.1 billion nominal dollars. As per the latest Ethiopia trade data, Ethiopia's top trading partners globally included China, the United States, India, UAE, France, the United Kingdom, and South Korea. Did you know that? Relations between Ethiopia and India have existed for about two millennia. With the opening up of the Ethiopian economy, business ties between the two countries have expanded significantly, especially in the areas of trade, investment, agriculture, and infrastructure projects.
In this blog, we will discuss the detailed analysis of the 2022-23 Ethiopia export and import data, highlighting the trade relations between India and Ethiopia, key trends, and challenges for the Ethiopian export and import market.
Let's first discuss Ethiopia’s trade economy in detail!
Ethiopia has one of the fastest developing economies in Africa, with an average GDP growth rate of more than 10% in recent years. Ethiopia realized substantial growth in its agriculture, industry, and service sectors, and its economy is largely based on agriculture, which accounts for about 40% of GDP and employs about 80% of the workforce based on Ethiopia trade data. However, the service sector is quickly expanding and now accounts for roughly 45% of GDP. Ethiopia's trade is expanding, and the country already exports a diverse range of goods such as coffee, tea, oilseeds, and animals. China, the United States, and the European Union are its primary trading partners.
Ethiopia is a World Trade Organization (WTO) member and has signed a number of trade treaties with other African countries. In recent years, the country has made great progress in improving its business environment.
Now, discuss about India – Ethiopia Trade Relations
India and Ethiopia have had economic and trade relationships for over 2,000 years, based on historical records. The trade relations between India and Ethiopia have increased significantly, especially in the area of infrastructure projects like roads, power, telecommunications, and water resources.
Based on India trade data, bilateral commerce between Ethiopia and India was valued at USD 2.8 billion in 2022, out of which Ethiopia’s exports were about USD 80 million. Bilateral trade between Ethiopia and India stood at USD 1.8 billion in 2021, out of which Ethiopia’s exports were about USD 75.13 million (source: National Bank of Ethiopia). As per Ethiopia import data, Ethiopia imports decreased to 4163.10 USD million in the first quarter of 2023, compared to 4504.50 USD million in the fourth quarter of 2022.
Today, India is one of Ethiopia's biggest trading partners, and Ethiopia is India's third-largest African trading partner. In 2022, trade between the two nations was valued at $2.8 billion, as per Ethiopia export data. Based on Ethiopia importer data, drugs and medicines, machinery and instruments, and iron and steel items are among India's major exports to Ethiopia. Pulses, sesame seeds, and oil seeds are Ethiopia's primary exports to India.
Indian firms have also made substantial investments in Ethiopia. Over 650 Indian companies currently operate in Ethiopia, with an aggregate investment of more than $5 billion. Indian firms have made investments in a variety of industries, including agriculture, manufacturing, pharmaceuticals, and healthcare.
Based on Ethiopia import data, Ethiopia's imports reached US$16.5 billion in 2022, up 14.8% from $14.4 billion in 2021. Ethiopia spent 8.2% more on imported goods in 2022 than in 2021. Here are the top 10 Ethopian imports:
So, these above mentioned products are the top 10 Ethiopian imports. Ethiopia's top-10 imports accounted for more than two-thirds (71.4%) of the aggregate value of its product purchases from other nations in terms of value.
Based on import data from Ethiopia, below are the top machinery products imported in Ethiopia:
Among these import subcategories, Ethiopian purchases of piston engine parts (up 307.7%), miscellaneous machinery (up 56%), and computers, including optical readers (up 43.3%), increased at the most rapid rate from 2021 to 2022.
Based on Ethiopia Buyers Data, The top import origins of Ethiopia are
According to Ethiopia import data, the mentioned countries account for more than 70% of Ethiopia's total imports. China, on the other hand, is Ethiopia's largest import partner, accounting for more than 25% of total imports as per India Export Data. India is the world's second-largest importer, accounting for more than 15% of total imports. The United States is the world's third-biggest importer, accounting for more than 7% of total imports.
For more specific information on importers or exporters, you can visit Seair Exim Solutions to discover the HSN codes list for specific products
Ethiopia's economy is still relatively small, which indicates that its import and export markets are less extensive and developed than those of more developed countries. Ethiopia also faces several non-tariff obstacles to trade. These include complex customs procedures and improper market information.
Due to insufficient market information, traders face complexities in finding accurate export import data. It is advisable to obtain Ethiopian importers' data from reputable trade platforms that provide the most updated information. One of the best market research websites is Seair Exim Solutions, where you can obtain updated market insights for India, Ethiopia, the USA, Bangladesh, etc.
To find updated Ethiopia importer data or export data, you must engage with industry experts and export-import provider agencies like Seair Exim Solutions, who can provide you with valuable and updated statistics for Ethiopian market and support throughout the process. We also provide comprehensive India export import data and insights into the global market industry, including India Export Data, India import data, etc
In conclusion, Ethiopia's imports play a vital role in its economic development. Ethiopia's reliance on imports has increased in recent years as a result of the country's rapid economic growth and industrialization. By growing domestic output and diversifying its trade partners, Ethiopia is attempting to lessen its dependency on imports.
If you are a trader looking for import and export data for Ethiopia, finding the updated Ethiopia importers data needs a well-researched market report. Seair Exim Solutions is here to provide Ethiopia Buyers Data or Ethiopia Imports Data. Connect with our dedicated professionals right now! Book a live demo and grow your business in the international market! Good luck!
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