Uganda’s export earnings surged 36% year-on-year in August, helped by a rise in receipts from shipments of gold and other commodities, a Finance Ministry report showed this Thursday.
The country exported goods worth $1.5 billion in August, up from $1.1 billion a year ago, the report seen by Reuters on Thursday showed.
In recent years, Uganda has emerged as a regional gold processing and trading hub. In August, the country shipped $889 million worth of the precious metal, up 68.9% from last year, according to the report.
The ministry said “the anticipated increase of remittances from the Ugandan Diaspora towards the end of 2026,” combined with the central bank’s steep policy rate hike was expected to provide immediate support to the local currency, the shilling.
“Commencement of commercial oil production and export will strengthen Uganda’s foreign exchange earnings and external position over the medium term,” the Ministry said.
Uganda expects to commence commercial production of crude oil early next year from fields in its west near its border with the Democratic Republic of Congo.
–Reuters–
