ADDIS ABABA, Oct. 25 (Xinhua) -- Ethiopia has generated over 1.5 billion U.S. dollars in export revenue during the first quarter of the current fiscal year, the country's Ministry of Trade and Regional Integration has disclosed.

The ministry said the export revenue had achieved 132 percent of the initial target set for the first three months of the current Ethiopian 2024/2025 fiscal year, which started on July 8, the state-run Ethiopian News Agency reported late Thursday.

Noting that the first quarter of the current fiscal year has seen a "remarkable improvement" in terms of the export volume and value, the ministry said the export earnings represented an increase of over 700 million U.S. dollars compared to the same period last year.

It further underscored the importance of strong cooperation with sector stakeholders and exporters as a crucial driver in enhancing the East African country's export performance.

In June, the Ethiopian government announced an 8.3 percent economic growth target for the 2024/2025 fiscal year amid positive prospects in the agricultural, manufacturing, mining and other major economic sectors.

According to the World Bank, Ethiopia, with about 126.5 million people and the second most populous nation in Africa after Nigeria, is one of the fastest-growing economies in the region.

Despite consistently high economic growth over the last decade, Ethiopia remains one of the poorest countries, according to the World Bank. The country aims to reach lower-middle-income status by 2025. Enditem

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