The Ministry of Finance, Planning and Economic has revealed that in March 2024, Uganda imported merchandise worth US$1,037.84Bn (Shs3.946Trn) from US$909.54 million (Shs3.458Trn) in February 2024, indicating an increase of 14.1% of goods imported into the country.
The details are contained in the Performance of the Economy Monthly Report for April 2024, where the Ministry attributed the growth in imports to increase in private sector imports particularly vegetable products, beverages, fats & oil; mineral products (excluding petroleum products); and plastics, rubber & related products.
The report further indicated that East African Community (EAC) emerged as the largest source of Uganda’s imports, constituting 36.8% of the total imports in March 2024, and within the region, Tanzania stood out as the biggest source, accounting for 80.2% of the imports from the region, with the main commodities being gold and rice.
Other notable sources of imports in March 2024 included Asia, the Middle East and Rest of Africa accounting for 30.5%, 11.7% and 11.2% of the total imports, respectively.
The report also indicated that in March 2024, Uganda’s merchandise exports increased from US$633.0 million (Shs 2.405Trn) in February to US$634.43 million (Shs2.411Trn), with the rise attributed to mainly export of tobacco, simsim, hides & skins and gold.
The Ministry of Finance also revealed that Uganda recorded a decline in coffee exports declined by 21.6% from US$82.56 million (Shs313.894Bn) in February 2024 to US$64.74 million (Shs 246.156Bn) in March 2024, despite the increase in the average coffee export price during the period.
Government attributed the decline in coffee exports to a smaller harvest in the Elgon region, coupled with delays in the onset of the harvest season and shortage of shipping containers. The report also revealed that Italy maintained the highest market share of Uganda’s coffee exports, accounting for 38.1% of the total coffee exports. It was followed by India, Germany, and Sudan accounting for 12.3%, 10.5%, and 5.0% of the total coffee exports, respectively.
On the destination of Uganda’s exports, the Ministry of Finance revealed that in March 2024, the Middle East was the largest destination of Uganda’s exports, accounting for 41.8% of the total exports.
At country specific level, United Arab Emirates received 98.2% of the exports to the region, predominantly consisting of gold exports. Other notable destinations for Uganda’s exports during the month were EAC, European Union and Asia accounting for 29.6%, 14.3% and 9.7% of the total exports, respectively.
And within the EAC, the Democratic Republic of Congo emerged as the largest importer of Uganda’s merchandise, taking up 31.1% of the total exports. This was closely followed by Kenya at 26.8% and South Sudan at 25.1%
