Rice was traded online yesterday as one of the agricultural products included in the Ethiopian Commodity Market’s trading system for the 2015 fiscal year.
This transaction involved the exchange of Grade One rice entered by Bure Branch for 6,400 Birr per quintal.
On the basis of this, the public has had access to information regarding the rice market since yesterday . Now that they have more negotiating power, farmers may demand a higher price for their products. It’s anticipated that the supply will continue.
The “millennium crop”—rice—is a significant source of income and spending in Ethiopia.
Rice is widely grown in the Amara, Oromia, South, Gambella, Benshangul, Gumzna, and Tigray regions. The main rice-growing regions are West Gray, South Gondar, Buno Bedele, Gambella, Jimma, Kafa Bonga, Guraferdana, and Sheka.
According to statistics, between 2008 and 2012, the annual production increased from 1.32 million to 2 million tonnes. In small areas where rice is being grown, farmers keep 60% of the crop while the government keeps 2%.
On that specific day, 60 quintals of rice were exchanged for 383,232.00 Birr.
Rice will increase producer productivity, effectively communicate market information to farmers and traders, increase Ethiopian exports, and link producers and exporters for more effective marketing if it is integrated into the modern marketing system.
The Ethiopian market developed its modern marketing system in 2015 fiscal year and added six new product types.
Beans, cardamom, incense, rice, and lupin beans are some examples of these agricultural products. According to a statement ECX made to Fidel Post, the product market was able to create a quality-based marketing strategy by promoting the main exportable commodities.