Overview:
Uganda also traded at a surplus of USD 127.41 million with the EAC partner states during the month of August 2022.
Uganda exported goods worth $507.49 million in August 2022, statistics indicate.
According to the September 2022 Performance of the Economy Report published by the Ministry of Finance, Planning and Economic Development, this was an increase of 47.8% from $343.30 million for July.
This growth was attributed to increased earnings from different export commodities such as mineral products, tobacco, maize, oil re-exports, soap, base metals & products, fruits and vegetables.
According to the report, there was further increase in the maize exports during the month from $7.24 million in July to $11.02 million in August 2022.
“This was mainly due to droughts in the neighbouring countries which caused food scarcity hence the increased demand for Ugandan maize,” the report indicates.
However, there was a 14.8% decline in the value of coffee exports from $83.52 million in July to $71.15 million in August 2022 mainly on account of lower yields that were characterized by drought particularly in Greater Masaka and the South-Western regions.
EAC remained the major destination for Uganda’s exports accounting for USD 209.02 million total exports during the month of August 2022 of which USD 75.40 million went to South Sudan, USD 56.75 million went to Democratic Republic of Congo and USD 50.42 million went to Kenya.
This was followed by the Middle East with total exports accounting to USD180.48 million with United Arab Emirates taking the highest amount of USD 174.68 million and the European with total exports accounting to USD 62.56 million with Italy contributing the highest exports accounting for USD 30.37 million.
Uganda also traded at a surplus of USD 127.41 million with the EAC partner states during the month of August 2022. Domestic revenue collections for September amounted to Shs.1.821.81trillion
According to the Performance of the Economy report for September 2022, Uganda’s trade deficit with the rest of the world narrowed to USD 310.7 million in August from USD 324.3 million in July 2022 mainly on account of increase in export receipts.