On Wednesday, October 18, 2023, the Ministry of Finance, Planning and Economic Development in Uganda released a report on the country’s export performance in August. The report highlighted significant growth in export earnings, primarily attributed to the export of coffee and gold.
Export Earnings
In August 2023, Uganda achieved export earnings of $669.88 million, equivalent to approximately Shs2.5 trillion. This marked a notable 17.6% increase from July 2023, when the earnings were $569.78 million (Shs2.14 trillion).
One of the key contributors to this growth was coffee export receipts, which reached $121.64 million (Shs457 billion) in August. This figure represented a remarkable 15.9% increase compared to July’s coffee export earnings of $104.99 million (Shs395 billion).
Compared to August 2022, Uganda’s export receipts witnessed a substantial 31.9% increase, rising from $507.97 million (Shs1.9 trillion) to $669.88 million (about Shs2.5 trillion) in August 2023. This growth was driven by higher earnings from various commodities, including gold, coffee, maize, and oil re-exports.
Reasons for Export Growth
The Ministry of Finance attributed the export growth to several factors, including a bountiful crop harvest in the South-Western region and favorable prices on the global market, which encouraged exporters to release their stock.
Destination of Exports
During August 2023, a significant portion of Uganda’s exports went to various regions and countries. The East African Community (EAC) partner states received the largest share, accounting for 34.7% of the total exports. The Middle East followed with 22.6%, Asia with 20.3%, and the European Union with 12.5% of the total exports.
Among specific countries, the United Arab Emirates was the top destination for Uganda’s exports, accounting for 21.9% of the total value of merchandise exported. Other notable countries included India, South Sudan, and Kenya, representing 14.9%, 7.7%, and 6.7% of the total value of goods exported in August 2023.
Imports in August
In contrast to exports, Uganda’s imports in August 2023 increased to $1.071 billion, showing a 25.7% rise from the $853.06 million imported in July 2023. This increase was primarily in the form of formal private-sector imports during the month.
