Uganda trade surplus hits 15-year high as exports climb

KAMPALA, Uganda — Uganda’s exports reached $12.79 billion in the year ending November 2025, marking a broad economic recovery fueled by foreign investment and stable domestic demand, according to the Ministry of Finance.

Ramathan Ggoobi, the permanent secretary and secretary to the treasury, said exports of goods and services hit $13.4 billion in fiscal year 2024-25. Merchandise exports accounted for $10.6 billion of that total.

Speaking at a third-quarter press briefing, Ggoobi said the trade performance helped the country record a balance of payments surplus of $2.37 billion for the year ending October 2025. This reversed a $683 million deficit from the previous year.

This is the highest surplus in 15 years, Ggoobi said. He attributed the gain to a record financial account surplus of $5.6 billion, bolstered by foreign direct investment and portfolio inflows.

Foreign direct investment rose to $3.5 billion, while portfolio inflows reached $1.7 billion in the year ending October 2025. Additionally, remittances from Ugandans living abroad grew to $1.6 billion in fiscal year 2024-25, up from $1.1 billion four years earlier.

The tourism sector also saw a significant rebound, with earnings reaching $1.7 billion. Ggoobi credited the growth to better security, infrastructure projects and government diplomacy.

While the country is entering an election cycle, business confidence remains steady. The Business Tendency Index stood at 57.2 as of November, remaining above the neutral 50 mark. The Purchasing Managers’ Index rose to 53.8, indicating continued growth in private-sector activity.

I wish to assure Ugandans that the economy remains stable, vibrant and competitive in the short, medium and long term, Ggoobi said.

The Ugandan economy grew by 6.3% in fiscal year 2024-25. Projections suggest growth between 6.5% and 7% for the current financial year, with the total size of the economy expected to reach $68.4 billion, or approximately 249.4 trillion shillings.

Inflation stayed low at 3.1% in late 2025, which Ggoobi noted was unusual for an election period. He cited increased food production, stable exchange rates and the government’s direct fuel import program as key factors for the price stability.

The Uganda shilling appreciated by 2.45% in the year ending December 2025. Ggoobi described it as one of the world’s most stable currencies during that period, alongside the British pound and the Hong Kong dollar.