South Omo Administrative Zone in Ethiopia is home to 18 indigenous ethnic groups whose livelihood is vulnerable due to recurrent drought and degradation. Despite the preliminary observation showing the rich dry-forest resource base that, if sustainably managed could enhance livelihoods and biodiversity conservation, there is lack of empirical data on its current status. We conducted a study aiming at quantifying the population status of gum- and resin-bearing species in two randomly selected districts, Hamer and Bena-Tsemay. Seventy-five quadrats (35 at Hamer and 40 at Bena-Tsemay) each measuring 400 m2 were established along line transects to assess species diversity and equitability, density, frequency, dominance, importance value and population structure. We recorded a total of 27 woody species of 12 families and 14 genera. Fifteen species (9 at Hamer and 14 at Bena-Tsemay) of the genera Acacia, Boswellia, Commiphora and Sterculia, were identified as either major sources of commercial gums and resins or their adulterants. Gum-and resin-bearing species comprised 56%and 57%of species richness, 48%and 50%of total density per ha, 95%and 98%of basal area, and 64%and 56%of importance values at Hamer and Bena-Tsemay, respectively. Diversity of the entire woody species assemblage and of the gum- and resin-bearing species was slightly higher at Bena-Tsemay (H=2.61, 1.4) than at Hamer (H′=2.48, 1.28), respectively. The diversity and abundance of the resource base suggest potential for development of value-added commercialization of gum and resins to enhance livelihoods and encourage sustainable management of the forest at these study areas. We recorded, however, declining natural regeneration of most gum- and resin-bearing species, and this calls for integrated and participatory species management and landscape rehabilitation.