Uganda’s export earnings in May 2024 amounted to USD 891.97 million (Shs3.279Trn) a 39.4% increase from US$639.86million (Shs2,352,573,262,000) in April 2024, the Ministry of Finance has revealed.
The details are contained in the Performance of the Economy Monthly Report for June 2024 that was released recently, with Government attributing the growth in exports to mainly higher earnings from coffee, gold, flowers, and electricity during the month.
According to the Ministry of Finance, the Middle East emerged as the biggest destination of Uganda’s exports, accounting for 34.0% of the total exports during the month of May 2024. Within this region, the United Arab Emirates purchased merchandise worth US$297.65 million (Shs1.094Trn) during the month, with gold remaining as Uganda’s major export to the Middle East.
The report also revealed that other notable destinations for Uganda’s exports were the EAC, Asia and the European Union accounting for 26.4%, 22.8% and 12.6% respectively.
The Ministry of Finance also revealed that in May 2024, Uganda’s imports also rose by 31.2%, reaching US$1,244.66 million (Shs4.576Trn) compared to US$948.88 million (Shs3.488Trn) in April 2024, with Government noting that the increase was primarily driven by higher volumes of formal private sector non-oil imports during the month.
“This increase was primarily on account of increased volumes for commodities under mineral products, machinery & vehicles and vegetable products, animal products, beverages, fats & oils over the period under review. These imports encompassed goods in various categories, including vegetable products, animal products, beverages, fats & oils, mineral products, machinery & vehicles, and miscellaneous manufactured articles,” read in part the report.
The Ministry of Finance also revealed that the East African Community (EAC) was the largest source of Uganda’s imports, accounting for 42.7% of the total imports for the month of May 2024.
“Specifically, Tanzania was the leading country, supplying merchandise valued at USD 446.71 million. The primary commodities imported from Tanzania included gold and rice. Other notable sources included Asia, the Middle East and the Rest of Africa accounting for 24.3%, 13.8% and 12.2% respectively,” the report notes.
