Uganda’s export revenues rose by 36% year-on-year in August, according to the country’s Finance Ministry, with gold accounting for a significant share of the increase.
The ministry said Uganda exported goods valued at $1.5 billion during the month, compared with $1.1 billion in the corresponding period a year earlier.
Gold leads export gains
Gold earnings reached $889 million in August, representing a 68.9% increase from the previous year, the ministry reported. Uganda has become a regional centre for gold processing and trade in recent years.
The figures indicate that higher returns from gold and other commodity shipments contributed to the overall expansion in export revenue. The ministry did not specify the calendar year covered by the August comparison.
Oil expected to add foreign exchange
The Finance Ministry also said commercial oil production and exports would further strengthen Uganda’s foreign exchange earnings.
It expects oil operations to begin in early 2027 from fields in western Uganda, near the country’s border with the Democratic Republic of Congo. That timetable remains a ministry expectation.
The projected oil activity would add to Uganda’s export base as the country seeks to increase foreign exchange inflows. No additional production or revenue figures were provided.
No Comment! Be the first one.