Overview:
However, according the report, coffee export receipts amounted to USD 104.99 million, a 15.93% increase from USD 90.56 million in June 2023.
Uganda’s merchandise exports for the month of July 2023 declined by a 12.42% compared to the month of June 2023, a new report shows.
According to the Performance of the Economy Report for the month of August 2023 released by the Ministry of Finance, in July 2023, Uganda exported merchandise worth USD 569.78 million compared to USD 650.57 million exported during June 2023.
“This decrease was mainly on account of lower export earnings from gold, beans, cotton, tea, flowers and fish registered during the month,” the report states.
However, according the report, coffee export receipts amounted to USD 104.99 million, a 15.93% increase from USD 90.56 million in June 2023.
“This growth was mainly attributed to two factors. There was 11.19% increase in the average price of coffee from USD 2.68 to USD 2.71 from June to July as well as a 14.54% increase in the number of bags exported from 564,152 to 645,832 (60-kg bags),” the report states.
In comparison to the same month the previous year, merchandise exports grew by 65.97% from USD 343.30 million in July 2022 to USD 569.78 million in July 2023. This was largely attributed to increased export earnings from coffee, maize, electricity, gold, cotton, tea, tobacco, oil re-exports and flowers.
In July 2023, the EAC remained the top destination of Uganda’s exports, accounting for 41.17% of the total market share, according to the report.
Within the EAC region, the top three destinations for Uganda’s exports were South Sudan, Democratic Republic of Congo and Kenya, taking up 28.10%, 26.31%, and 24.97% of the total exports respectively. Asia and the European Union emerged as the second and third top destinations for Uganda’s exports, accounting for 22.01% and 15.28% respectively.
The report further states that the value of merchandise imports decreased by 5.57% from USD 898.31 million in June 2023 to USD 848.3 million in July 2023.
“This decline was largely attributed to lower private sector 10Statistics on trade come with a lag of one month. 16 imports, particularly in vegetable products, animal, beverages, and fats & oil, prepared foodstuff, beverages & tobacco, mineral products (excluding Petroleum products),” the report states.
Comparison with the same month last year shows that merchandise imports grew by 26.23% from USD 672.02 million in July 2022, to USD 848.30 million in July 2023. This increase was mainly driven by increased import volumes for mineral products (excluding petroleum products), machinery equipment, vehicles and accessories, plastics, rubber, and related products