Uganda earned over Shs2.8Trn from exports in July 2024, the Performance of Economy report by the Ministry of Finance has revealed.
“Export earnings in July 2024 amounted to US$785.03 million (Shs2.888Trn), a 9.2% increase from US$718.60 million (Shs 2.643Trn) in June 2024. This growth was primarily driven by higher earnings from coffee, mineral products, cotton, tobacco and oil re-exports. Conversely, exports excluding coffee and mineral products declined by 8.3% from US$307.35 million to US$282.00 million, pointing to a decline for majority of merchandise exports in July 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 30.3% of the total exports in July 2024, and within the Middle East, United Arab Emirates accounted for 97.5% of Uganda’s exports to the region. Other Countries include: Australia and Iceland.
Other notable destinations for Uganda’s exports were the EAC, European Union and Asia, which accounted for 26.5%, 21.8% and 14.6% of the total exports during the month respectively.
The Ministry of Finance also indicated that although Uganda recorded growth in export earnings, this is still being dwarfed by reliance on imports with the value of import merchandise having increased by 9.1%, from US$966.53 million (Shs 3.555Trn) in June 2024, to US$ 1,054.36 million (Shs3.879Trn) in July 2024.
“This was mainly attributed to higher volumes of formal private sector non-oil imports particularly; mineral products (excluding petroleum products), base metals & their products, machinery equipment, vehicles and accessories, as well as vegetable products, animal, beverages, fats & oils during the month,” read in part the report.
The Finance Ministry further revealed that Asia was the largest source of Uganda’s imports, accounting for 36.0% of the total imports in July 2024 and within Asia, the major sources were China and India accounting for 55.0% and 18.7% of the total imports from the region, respectively.
Other notable sources of Uganda’s imports included the Rest of Africa, EAC, the Middle East accounting for 24.4%, 19.2% and 13.4% of total imports, respectively. Within the EAC, Tanzania and Kenya were the leading sources of Uganda’s imports, accounting for 57.7% and 38.0% of imports to the region, respectively.
