Uganda’s export earnings grew both on a monthly and annual basis, with the value of merchandise exports increasing by 5.0 to US$327.30 million in November 2019 from US$ 311.64 million earned in October 2019, according to the Ministry of Finance’s December 2019 Performance of the Economy Report.
According to the report, the increase in the value of exports follows increased earnings from exports such as coffee, gold, cotton and beans whose volumes increased. Better performance of these export items follows an increase in their respective export volumes.
In Comparison to November 2018 export earnings grew by 10.8 percent in November 2019 to US$327.30 million from US$295.53 million. The report attributes the growth mainly to higher values of gold and maize exports.
Destination of Uganda’s merchant exports
The East African Community (EAC) remained Uganda’s top destination for merchandise exports, absorbing about 28.3 percent of the total exports in November 2019 while The Middle East was the second main destination followed by the Rest of Africa.
Uganda’s merchant imports fall
The value of merchandise imports decreased both on a monthly and annual basis, the report says. The value of merchandise imports decreased by 3 percent to US$622.51 million in November 2019, from US$651.34 million recorded in October 2019, following a decline in both government and private sector imports.
Government imports declined by 34.1 percent, whereas, private sector imports dropped by 2.3 percent on account of a decline in import volumes, the report says, indicating further that the value of merchandise imports in November 2019 declined by 2.9 percent when compared to the value recorded in November 2018.
Origin of Uganda’s merchant imports
Asia, EAC and Middle East remained the largest sources of Uganda’s imports, contributing 38 percent, 17.3 percent and 17.1 percent respectively in November 2019. Of the imports from Asia, 80.7 percent were sourced from India, China and Japan. In the EAC region, 95.1 percent of the imports were sourced from Kenya and Tanzania.
According to the report, Uganda traded at a deficit with all regions save for the EAC, the Middle East and the rest of Africa. The country had the largest merchandise trade deficit with Asia, and the biggest surplus with the EAC. The deficit with Asia narrowed to US$168.88 million in November 2019 from US$210.23 million in November 2018, whereas, the surplus with the EAC reduced to US$3.54 million from US$17.34 million over the same period.
