Stanbic Bank
Stanbic Bank
Stanbic Bank
Stanbic Bank
21.7 C
Kampala
Stanbic Bank
Stanbic Bank
Stanbic Bank
Stanbic Bank

Finance Ministry registers increased export earnings from gold, coffee and maize

Must read

Simon Kabayo
Simon Kabayohttps://eagle.co.ug
Reporter whose work is detailed

The Ministry of Finance Performance of the Economy Report for April 2023 indicates that Uganda exported merchandise worth $674.54 million in the month of March 2023, a 90 percent increase from $349.44 million exported during February 2023.

The increase was mainly on account of higher export earnings from mineral products, tobacco, maize and cotton registered during the month.

For instance, coffee exports during the month amounted to $71.54 million, an 8.4 percent increase from $66.03 million in February 2023.

“This growth was mainly attributed to exporters who off-loaded coffee from their warehouses for sale to benefit from the rising international price of Robusta coffee,” the report states.

In comparison to the same month in 2022, merchandise exports grew by 85.4 percent from $363.74 million in March 2022 to $674.54 million in March 2023.

This was largely attributed to increased export earnings from mineral products, maize and tobacco during the month, the report states.

Gold products increased significantly following the resumption of gold trade in August 2022.

According to the report, the EAC remained the top destination of Uganda’s exports in March 2023, accounting for 35.7 percent of total exports for the month.

This was followed by the Middle East at 32.3 percent and Asia at 14.6 percent. It is worth noting that Uganda’s export earnings from the Middle East significantly increased from $21.41 million the previous month to $217.99 million in March 2023, owing to the growth in exports of mineral products to the region.

The value of merchandise imports increased by 41.6 percent from $ 647.09 million in February 2023 to $916.47 million in March 2023.

“This growth was mainly attributed to higher private sector imports particularly mineral products (excluding petroleum products), vegetable products, beverages, fats and oils, as well as animal products,” the report states.

Comparison with the same month last year shows that merchandise imports grew by 39.6 percent from $656.69 million in March 2022, to $916.47 million in March 2023. This increase was mainly driven by increased import volumes for mineral products (excluding petroleum products), machinery, equipment and vehicles, among others.

In March 2023, Asia remained Uganda’s largest source of imports accounting for 31.4 percent of the total imports. Within Asia, China and India were the major contributors, accounting for 71.6 percent of the total imports from the region. Other notable regions included the EAC, the Rest of Africa, and the Middle East, which accounted for 24.5 percent, 20.1 percent, and 15.5 percent of the total imports, respectively.

 
- Advertisement -

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest article

- Advertisement -