Uganda’s export revenues rose sharply in August, driven largely by increased gold shipments and stronger earnings from other key commodities, according to a finance ministry report released on Thursday.
The report showed that Uganda exported goods worth $1.5 billion in August, compared with $1.1 billion during the same month last year, marking a 36% year-on-year increase.
Gold remained the dominant contributor to export growth. Uganda, which has established itself as a regional hub for gold refining and trade in recent years, exported $889 million worth of gold in August, representing a 68.9% increase from a year earlier.
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The finance ministry said the local currency, the shilling, is expected to benefit from higher remittance inflows from Ugandans living abroad towards the end of 2026, alongside the central bank’s recent interest rate increase.
Looking ahead, the ministry said the start of commercial oil production and exports would further bolster the country’s foreign exchange earnings and strengthen its external position over the medium term.
Uganda plans to begin commercial crude oil production early next year from oilfields located in the country’s western region near the border with the Democratic Republic of Congo.
- Uganda's export revenues increased by 36% year-on-year to $1.5 billion in August, up from $1.1 billion in the same month last year.
- Gold exports were valued at $889 million in August, marking a 68.9% increase from the previous year.
- Uganda has become a regional hub for gold refining and trade in recent years.
- The Ugandan shilling is expected to benefit from increased remittance inflows and a recent central bank interest rate hike.
- Commercial crude oil production is planned to start early next year, which is expected to enhance Uganda's foreign exchange earnings.
