Uganda Export Earnings Rise 10.2% as Gold Shipments Surge

Uganda’s export earnings increased by 10.2% year on year in July, supported by stronger shipments of gold, cocoa, flowers and maize, according to the country’s finance ministry.

Export receipts rose to $1.40 billion in July from $1.27 billion a year earlier, providing a potential boost to Uganda’s foreign exchange position as the shilling faces pressure against the US dollar.

Gold was the largest contributor to the increase. The value of gold shipments rose by 35% to $788.45 million during the month.

The finance ministry attributed the increase in gold earnings to higher export volumes and stronger international gold prices. It also pointed to increased demand for the precious metal as a safe-haven asset amid heightened global geopolitical tensions.

Other commodities contributing to Uganda’s export performance included cocoa, flowers and maize, highlighting the continued importance of both minerals and agricultural products to the country’s external trade.

Uganda has developed into a regional gold-processing hub, while gold and coffee remain among the country’s main sources of foreign exchange.

The latest export figures underline the growing contribution of gold to Uganda’s external earnings, while agricultural commodities continue to provide an important source of diversification within the country’s export base.