Overview:
According to the State of the Economy report for June 2024, this growth was mainly driven by higher earnings from coffee, gold, flowers, and electricity during the month.
Uganda’s export earnings in May 2024 amounted to USD 891.97 million (about Shs3.3 trillion), a 39.4% increase from USD 639.86 million (about Shs2.36 trillion) in April 2024, a new report shows.
According to the State of the Economy report for June 2024, this growth was mainly driven by higher earnings from coffee, gold, flowers, and electricity during the month.
Coffee export earnings in May 2024 grew by 50.3% to USD 127.30 million, up from USD 84.70 million during April 2024.
“This was on account of an increase in both the price and volumes exported during the month. The export volume for coffee was higher during the month owing to the peak harvest season for Robusta coffee,” the report reads in part.
Italy remained the largest destination of Uganda’s coffee, accounting for 44.66% of the total coffee exports in May 2024. This was followed by India, Germany, Morocco and the USA with 9.7%, 9.6%, 5.5% and 4.9 % respectively.
Compared to May 2023, export earnings grew by 52.1% owing to increased earnings from mainly coffee and gold for the period under review.
The Middle East emerged as the biggest destination of Uganda’s exports, accounting for 34.0% of the total exports during the month of May 2024.
Within this region, the United Arab Emirates purchased merchandise worth USD 297.65 million during the month. Gold remains Uganda’s major export to the Middle East. Other notable destinations for Uganda’s exports were the EAC, Asia and the European Union accounting for 26.4%, 22.8% and 12.6% respectively of the total exports during the month.