Uganda exported more maize in December 2022
Uganda exported merchandise worth USD 371.81 million (Shs1.38 trillion) in December 2022 indicating an increase of 10.7% from USD 335.77 million registered the previous month.
This is according to the Ministry of Finance’s Performance of the Economy Monthly Report for January 2023.
“This growth was attributed to increased receipts for maize and mineral products, among others. Maize exports increased from USD 4.34 million in November 2022 to USD 20.48 million in December 2022. This rise was partly due to the onset of the maize harvesting season as well as the heightened demand for Uganda’s maize by the neighboring countries,” the report says.
However, there was a 7.2% decline in the value of coffee export earnings from USD 64.14 million in November 2022 to USD 59.54 million in December 2022.
This was mainly attributed to lower export volumes as a result of dry weather conditions from April to August 2022 in most parts of the country’s coffee-producing regions, which led to lower yields.
In comparison to December 2021, export earnings increased from USD 323.96 million to USD 371.81 million representing a 15.1% growth.
“This growth was on account of increased earnings from commodities such as maize, mineral products, beans among others,” the report says.
Major Export Destinations
It adds that EAC remained the major destination for Uganda’s exports accounting for USD 227.08 million (61.1%) of the total exports during the month.
In particular, Kenya (USD 71.19 million), D.R.C. (USD 57.01 million) and South Sudan (USD 50.98 million) received 78.9% of the total exports to the EAC.
European Union was the second major destination for our exports accounting for 15.3%, followed by Middle East at 6.9%.
“At country specific level, 45.8% of the exports to EU went to Italy and 17.5% to Germany. It is worth noting that in December 2022, Italy maintained the highest market share for Uganda’s coffee, followed by Sudan and Germany.
Merchandise Trade Balance
According to the report, Uganda’s merchandise trade deficit narrowed by 1.6% to USD 294.9 million in December 2022 from USD 299.8 million the previous month.
This was attributed to an increase in export receipts that more than offset the growth in the import bill during the month.
On the other hand, compared to the same month the previous year, the merchandise trade deficit widened by 0.4% from USD 293.7 million to USD 294.9 million in December 2022, following a higher increase in the import bill which more than offset the growth in export earnings.
