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Uganda Earned Shs2.7Trn From Exports In October 2024

The Ministry of Finance has revealed that Uganda’s export earnings in October 2024 amounted to US$744.86 million (Shs2.700Trn), a 9.1 percent increase from US$682.69 million (Shs2.474Trn) in September 2024.

 

The details are contained in the Performance of the Economy Macroeconomic Policy Department, Monthly Report produced in November 2024 that was published by the Ministry of Finance.

 

“This growth was primarily driven by higher earnings from mineral products, tea, tobacco, fish and its products, hides and skins, simsim, beans, and oil re-exports. Similarly, exports excluding coffee and mineral products increased by 8.2 percent from US$266.15 million to US$288.05 million, signaling a rise for majority of our exports in October 2024,” read in part the report.

 

According to the Ministry of Finance, the Middle East emerged as the biggest destination of Uganda’s exports, accounting for 38.3percent of the total exports in October 2024, and within the Middle East, the United Arab Emirates accounted for 97.8 percent of Uganda’s exports to the region.

 

Other notable destinations for Uganda’s exports were the EAC, the European Union and Asia, which accounted for 26.6 percent, 15.4 percent and 14.5 percent of the regions exports respectively. Within the European Union, Italy and Germany took the largest share, accounting for 50.5 percent and 24.9 percent of exports to the region respectively.

 

The Ministry of Finance also revealed that the value of merchandise imports increased by 21.7 percent from US$1,051.53 million (Shs 3.811Trn), in September 2024 to US$1,279.52 million (Shs 4.638Trn) in October 2024. This was mainly attributed to higher volumes of formal private sector non-oil oil imports such as machinery equipment, vehicles and accessories, base metals and their products, mineral products, among others.

 

Government further revealed that Asia maintained its position as the largest source of Uganda’s imports in October 2024, accounting for 43.9 percent of the total imports. Within Asia, the major sources were China, India and Japan accounting for 51.3 percent, 24.7 percent and 9.0 percent of our imports from the region respectively.

 

Other notable sources of Uganda’s imports included the EAC, Rest of Africa and the Middle East accounting for 21.8 percent, 12.7 percent and 11.8 percent respectively.

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