By Dr. Richard Pankhurst:-
These two articles are adapted from a study
 presented by the author to the 74′th District Conference and Assembly 
of Rotary International, held in Addis Ababa from 7 to 9 May, 1999. They
 were published in the Addis Tribune newspaper in Addis Ababa, Ethiopia 
on 4 June 1999 and 11 June 1999 respectively.
Trade and business have a long history in Ethiopia.
Pharaohs and Ptolemies
Our earliest records are those of the Egyptian Pharaohs, who 
conducted numerous commercial expeditions down the Red Sea. The most 
important of the areas they visited was what they termed the Land of 
Punt, which modern scholars equate with the coast of what is now 
Eritrea, an area then as later intimately linked with the hinterland of 
what is present-day Ethiopia.
Such expeditions came to the Ethiopian region largely in quest of 
myrrh and other incense, gold, any ebony, or other valuable wood.
The best known expedition of the Pharaohs was despatched by the 
rediubtable Queen Hapshetsut (1501-1479 BC), whose achievements are 
recorded to this day on the walls of her temple of Dair el-Bahri, at 
Thebes in Upper Egypt.
It was not long, however, before the Puntites, i.e. the people of the
 Ethiopian region, were themselves undertaking expeditions. This is 
evident for example from a tomb at Thebes, dating from the reign of King
 Amenhotep II (1447-1420 BC). It tells of two Puntite chiefs arriving 
with gold, incense, ebony, ostrich feathers and eggs, and animal skins, 
as well as two wild animals. These were the happier in that they brought
 their skins on their own backs.
Commercial activity in the Ethiopian region was later carried out, 
around the third century BC, by the Egyptian Ptolemies. They likewise 
sent expeditions down the Red Sea, in their case in search of elephants,
 which they used in their military campaigns. The monsters have aptly 
been termed the tanks of the ancient world.
Indian trade with Ethiopia and the Horn of Africa, though harder to 
document historically, was doubtless by this time also well established.
 This commerce owed much to the famous Trade Winds, which at various 
seasons of the year blew either to or from the sub-continent, thus 
facilitating commercial sailings with Africa.
Aksum
The dawn of the Christian era coincided approximately, with the rise 
in what is now northern Ethiopia, of the renowned Aksumite kingdom. This
 was an important commercial realm, which issued its own currency, in 
gold, silver, and bronze. The Aksumites, who constituted the most 
powerful state between the Eastern Roman Empire and Persia, included 
both resolute merchants and skilled craftsmen.
The Aksumite realm, which had its own port at Adulis, near 
present-day Massawa, traded widely with Egypt, Arabia, Persia, India, 
and even far-away Ceylon. Aksumite exports, as evident from the Periplus
 of the Erythraean Sea, a Greek manual probably written by an Egyptian 
trader around the first century AD, consisted largely of ivory, 
rhinoceros, tortoise-shell, and obsidian stone. Imports comprised cloth,
 raw metal, and a wide range of manufactured and luxury goods, including
 even lacquerware, wine and olive oil.
The artisans of Aksum were particularly able. This is apparent from 
the city; archaeological remains, which include fine temples and tombs, 
as well as the famous obelisks of Aksum. The second largest, looted by 
Mussolini in 1937, is currently in Rome due for repatriation, as soon, 
we are assured, as circumstances permit. Yes, I know it should have been
 dismantled many months ago, but some countries are slower than others 
in meeting international obligations.
Currency
Though the Aksumites minted their own coins, many of which have been 
found in Egypt, Palestine, Arabia and India, when trading with the 
interior they also engaged in what is termed “silent trade”. This was 
reported by Kosmos Indikopleustes, an early sixth century Egyptian 
merchant-cum-monk. He states that Aksumite traders, when travelling to 
the Blue Nile area to obtain gold, would take with them cattle, as well 
as pieces of salt and iron.
They would then make a large hedge of thorns around their camp, after
 which they would slaughter some of their livestock, and place portions 
of the meat, together with pieces of salt and iron upon the fence, 
before withdrawing into their camp. The local people would then come and
 put gold beside the meat, salt and iron, they wished to obtain in 
exchange for the gold and would then withdraw.
The traders would then approach. If satisfied with the quantity of 
gold offered they would take it, and go back to their camp, whereupon 
the locals would pick up the meat, salt and iron offered in exchange, 
but if unsatisfied, would return, and recover their articles.
“Such”, Kosmos writes, was “the mode in which business is transacted…
 because the language is different and interpreters are hardly to be 
found”.
The Middle Ages: Markets and Caravans
Ethiopian trade in the Middle Ages was based largely on two institutions: local markets and long distance merchants caravans.
Markets were to be found in all major towns, but more commonly in the
 countryside, where fairs were usually held weekly at some distance from
 inhabited settlements. Such markets would be attended by local people 
coming to buy and sell their produce, as well as to exchange gossip, but
 also by travelling merchants, in many cases handling imported articles.
 Such traders would probably attend a different fair each day.
Merchants, who for security often travelled together in large 
caravans made their way across the length and breadth of the country. 
Those seeking ivory, gold, civet musk, and slaves would journey to the 
rich lands of Ethiopia’s south-west. If engaged in the import-export 
trade they would, however, make their way to the Red Sea port of 
Massawa, the Gulf of Aden ports of Tajurah, Zeila and Berbera, or to the
 Sudan frontier in the far west. Imports in this period, as earlier, 
consisted largely of cotton and manufactured goods.
“Primitive Money”
Currency, which had come to an end in Aksumite times, was no longer 
used in this period. Gold measured by weight, was, however, employed by 
the merchants for large-scale transactions, but most people made use of 
barter, or so-called “primitive money”. The latter is the name given to 
articles which were used for exchange purpose instead of money. They 
consisted, in Ethiopia, of amoles, or bars of rock salt mined in the 
Danakali, or Afar, depression; pieces of iron, to be used for the local 
manufacture of spear-heads, sickle-blades, sword-blades, etc.; and 
pieces of cloth, to be later worn as clothing. After the coming of 
fire-arms, bullets or cartridges, were also much used as “primitive 
money”.
Trade in those days was largely in the hands of Ethiopian Muslims, or
 foreigners, including Arabs, and Armenians, though Greek and Indian 
merchants later came to the fore.
 Source: http://www.linkethiopia.org
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