Uganda's Export Earnings Soar by 38.9% in January.

Export earnings increased by 38.9 percent in January compared to the same time period from the previous year. This growth was mainly attributed to higher profits obtained from the sale of commodities like coffee, maize, tobacco, and tea.

The Ministry of Finance recently published a report on the economy's performance, which revealed that in January 2022, earnings generated from exporting maize amounted to $6.76 million. However, in January 2023, this figure increased to $35.01 million. The increase was primarily attributed to the relaxation of non-tariff barriers in Kenya and the opening of the Uganda-Rwanda border.

Likewise, there was a 13.1% rise in earnings from coffee exports, which was attributed to an increase in demand for coffee due to reduced supply from major exporting countries such as Brazil and Vietnam. Consequently, the exporting country experienced a growth in their coffee exports.

As a result of the aforementioned increase in export earnings from commodities such as maize and coffee, Uganda's overall export value experienced a growth from $371.81 million to $404.46 million during the period in question.

Uganda's primary export destination continued to be the East Africa Community (EAC), which accounted for 63% of the country's exports. Within the EAC, the top three destinations for Uganda's exports were Kenya, South Sudan, and DR Congo, accounting for 36.3%, 23.5%, and 20.3% of the exports to the EAC, respectively.

On the other hand, there was an 11.3% increase in the value of Uganda's import bill during January. This was mainly due to higher volumes of private sector imports, which were a result of increased economic activity. Among the imports that experienced a significant increase were electricity, prepared foodstuffs, beverages, tobacco, and animal and animal products.

During the month of January, Asia was the primary source of imports for Uganda, accounting for 47.5% of total imports.

The majority of the imports from Asia, specifically 70.1%, originated from China and India. Following Asia, the Middle East and EAC were the second and third largest sources of imports, accounting for 21.4% and 14.1%, respectively.

Within the East Africa Community, the top three sources of imports for Uganda were Kenya, Tanzania, and DR Congo, contributing 78.8%, 11.4%, and 6.5%, respectively.