Overview:
Gold and coffee dominated Uganda's foreign exchange earnings in 2025, contributing $6.4 billion and $2.46 billion respectively to the country's record-breaking $13.4 billion export total.
KAMPALA, Uganda — Uganda earned $13.43 billion from merchandise exports in 2025, a significant increase from the $8.67 billion recorded the previous year, according to new data from the Bank of Uganda.
The nearly 55% jump in earnings was primarily driven by the strong performance of gold and coffee. Gold remained the nation’s top export, bringing in $6.40 billion, followed by coffee at $2.46 billion. Other major contributors included cocoa beans at $632 million and electricity at $68.98 million.
The Middle East maintained its position as Uganda’s primary export destination for the 12th consecutive month. In December 2025 alone, exports to the region more than doubled to $676.59 million compared to the same month in 2024. The Middle East accounted for 48.5% of export market share, followed by the East African Community at 20% and Asia at 15.7%.
Jan Sadek, head of the European Union delegation to Uganda, said there is significant untapped potential for Ugandan products in Europe, particularly in value-added coffee and horticulture.
“It is always good to start where we have seen success already and that is obviously coffee,” Sadek said. He noted that the EU has launched a 44 million euro program to support productivity and value addition in the sector. Sadek also highlighted pineapples and fish farming as growth areas, provided Uganda addresses cold chain logistics and phytosanitary standards.
While gold values are high, some officials cautioned that the figures do not always reflect high domestic retention. Odrek Rwabwogo, chairman of the Presidential Advisory Committee on Exports and Industrial Development, noted that while Uganda has seven refineries, much of the gold originates from other countries.
“The discussion should not be about quantities,” Rwabwogo said. “It should be about how much value you add at household level.”
The export surge in December helped narrow the country’s merchandise trade deficit by 24% to $206.42 million, even as imports rose to $1.6 billion.
Julius Mukunda, executive director of the Civil Society Budget Advocacy Group, said that while the growth is positive, the government must manage its fiscal priorities to ensure export earnings translate into sustainable domestic value.