Uganda’s export earnings rise to Shs2.47 trillion

Uganda’s export earnings increased to USD 672.62 million (about Shs2.47 trillion) in November 2024, latest statistics indicate.

According to the Performance of the Economy Report for December 2024 published by the Finance Ministry, Uganda’s export earnings increased by 9.0 percent from USD 617.23 million (about Shs2.2 trillion) in November 2023 to USD 672.62 million in November 2024.

This was mainly driven by an increase in earnings from coffee and mineral products during the year.

“The increase in the value of Uganda’s coffee exports was primarily due to the increase in global coffee prices as a result of dry conditions in Brazil and Vietnam that limited exports from the two countries,” the report reads in part.

As a result, Uganda’s coffee export earnings increased by 54.1 percent in November 2024 to USD 108.91 million from USD 70.68 million in November 2023.

On the other hand, export earnings in November 2024, reduced by 9.7 percent to USD 672.62 million from USD 744.86 million in October 2024. This decline was mainly attributed to lower export earnings from coffee and mineral products, among others during the month.

Coffee export earnings declined by 21.7 percent to USD 108.91 million in November 2024, from USD 139.05 million in October 2024. This was due to a reduction in coffee export volumes and a reduction in the international coffee prices between the two months. The reduced volumes signal the start of the biannual off year cycle.