ECX launches trading of five new agri products

The Ethiopian Commodity Exchange (ECX) announced Thursday that it has launched the trading of four new spices and Vech/Grass Pea through its electronic trading platform.

Black Cumin, Greenish Fenugreek, Black Pepper and Coriander are the new spices, which joined the ECX’s digital trading system.

On the EXC’s Spices and Vetch trade launching program, a quintal of Black Cumin was traded with 26, 500 Birr. Also, a quintal of Greenish Fenugreek also traded with 12,500 Birr.

Higher government officials attended the program.

Gebremeskel Chala, Minister of Trade and Regional Integration said: “Promotion of agricultural products, which will make Ethiopia competitive in quality and price at the global market should be strengthen.”

The new entrant spices and Vech/Grass Pea increased the number of ECX trading commodities to 17 from 12.

Wondmagegn Negera, CEO of the ECX said for his part that the introduction of new agri products into the electronic trading platform will have a mammoth contribution in increasing exportable items, boosting profitability of farmers and providing market information to suppliers and exporters.

He added: “Trading of the new products will have its own slice in preventing contraband trade of spices”.

Spices and Vech/Grass are mainly grown in Amhara, South and South West regions.

Addisu Alemayehu, Founder and General Manager of the Ethiopian Spices, Aromatic and Herbs Growers and Processors Association on his side mentioned that the less attention, which has been given to spices and lack of agricultural extension programs to farmer as main challenges to unlock potentials in the area.

ECX announced last Ethiopian fiscal year that traded 39.6 billion Birr worth commodities.