The decline was mainly attributed to lower export earnings from coffee and mineral products
The Ministry of Finance has revealed that Uganda registered a drop in the value of its exports in September 2024 by Shs410.4bn, attributing the changes in the decline in coffee exports within that period.
The details are contained in the Performance of the Economy Monthly Report for October 2024 that was released on Friday, with the Ministry indicating that export earnings reduced by 14.1 percent to US$ 682.69 million (Shs 2.505Trn) in September 2024 from US$ 794.52 million (Shs2.915Trn) in August 2024.
“This decline was mainly attributed to lower export earnings from coffee and mineral products, among others during the month. Coffee export earnings declined by 34.7 percent to USD 144.71 million in September 2024, from US$ 221.63 million in August 2024. This was due to a reduction in export volumes despite the increase in international coffee prices. The reduced export volumes were primarily due to lower coffee yields in the Greater Masaka and South-Western regions of Uganda, following the end of the main harvesting season,” 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 36.4 percent of the total exports in September 2024 and within the Middle East, the United Arab Emirates was the top recipient, accounting for 97.6 percent of Uganda’s exports to the region.
Other notable destinations included the EAC and the European Union (EU), which accounted for 28.6 percent and 18.5 percent of total exports, respectively. Within the EAC, the Democratic Republic of the Congo, Kenya, and South Sudan were the largest markets, accounting for 34.7 percent, 24.8 percent, and 18.3 percent of the region’s exports, respectively.
In the EU, Italy and Germany took the largest shares, taking up 47.2 percent and 21.6 percent of Uganda’s exports to the region, respectively.
