Ethiopia Nears 10 Billion USD Export Benchmark in Major Economic Shift, PM Abiy Says

Addis Ababa, May 3, 2026 (FMC) — Prime Minister Abiy Ahmed has announced that Ethiopia is on track to generate 10 billion U.S. dollars in export earnings during the current fiscal year, a figure that would represent a historic milestone for the country.

Speaking at the opening of the 4th ‘Made in Ethiopia’ Expo, the Prime Minister said the projected revenue reflects a significant increase compared to three years ago, when the country’s annual export earnings had not exceeded 3 billion USD.

He attributed the progress to the expansion of the industrial sector and the achievements of the ‘Made in Ethiopia’ initiative, noting that manufacturing growth has risen from 4.7 percent to 10.7 percent this year.

The Prime Minister stated that Ethiopia’s economic strategy has focused on boosting exports while reducing reliance on imported goods through strengthened domestic production.

According to him, Ethiopia has produced import-substitute goods valued at 14.5 billion USD over the past four years, with plans to double that figure in the coming years.

In this context, the Prime Minister warned that failure to expand domestic production could expose the country to increasing debt burdens that may affect future generations.

He also indicated that 993 previously closed industries have resumed operations, contributing significantly to job creation and trade expansion.

The Prime Minister further revealed that Ethiopia has attracted 3,680 new investors into the manufacturing sector since the launch of the national industrial drive.

PM Abiy called on Ethiopian manufacturers to demonstrate economic patriotism by rejecting contraband trade and corruption, while improving competitiveness.

“The time of producing only for the domestic market is over,” he said, urging manufacturers to expand into broader African markets.

He also disclosed that Ethiopia has identified 96 products for import substitution through local manufacturing, including plans for major expansion in the ceramics industry.

In addition, the Prime Minister stated that Ethiopia’s economy is currently growing at 10.2 percent, driven by progress in agriculture, mining, manufacturing, tourism, and technology sectors.

In a notable development, he said Ethiopia has moved beyond self-sufficiency in defense production and has begun exporting defense products to more than six African countries.

The Prime Minister concluded by emphasizing that Ethiopia’s full economic sovereignty will be achieved once the country begins producing its own industrial machinery for key sectors such as defense, textiles, and pharmaceuticals.