Uganda’s export sector recorded a robust performance in January, with total earnings reaching $1.45 billion, up 72.1 percent from $844.60 million in the same month last year, according to the Finance Ministry’s February 2026 Performance of the Economy Monthly Report.
The growth was largely fueled by soaring gold and coffee exports, alongside contributions from industrial products, oil re-exports, beans, and electricity.
Export earnings from gold led the surge, rising 182.2 percent to $913.95 million in January 2026, compared to $323.84 million in January 2025. The increase was driven by both higher volumes and rising international prices.
“The quantity of gold exported increased from 3,873 kilograms to 6,254 kilograms, while the average price climbed from roughly $80,000 per kilogram to more than $140,000 per kilogram over the year,” the report notes.
Analysts attribute the rising gold prices to a weakening US dollar and geopolitical uncertainties, which have prompted investors to seek safe-haven assets. Central banks have also increased gold reserves as part of efforts to diversify away from traditional reserve currencies.
Coffee exports also posted gains, rising to $161 million from $156.5 million in January 2025, mainly due to higher export volumes. Uganda shipped 569,454 sixty-kilogramme bags in January, up from 558,382 bags the previous year. This growth offset a decline in global coffee prices, linked to improved supply conditions in key coffee-producing countries like Brazil. Italy, Germany, and Sudan were among the top destinations for Ugandan coffee.
The Middle East remained the largest regional destination for Uganda’s exports, accounting for nearly 49 percent, with the United Arab Emirates alone receiving 99 percent of goods shipped to the region. Asia followed with 18.4 percent, the East African Community with 17.9 percent, and the European Union with 10.5 percent. Major Asian importers included Hong Kong, Malaysia, China, India, and South Korea, primarily for mineral products, coffee, and spices.
Uganda’s imports rose 23.2 percent year-on-year to $1.31 billion, largely driven by private sector demand for machinery, vehicles, base metals, mineral products, petroleum, and animal products. However, imports fell 18.5 percent compared to December 2025 due to reduced non-oil private sector purchases and lower government spending. Asia continued to dominate as the main source of imports, contributing 33.9 percent, with China, India, and Japan supplying the bulk of goods.
The improved export performance contributed to a stronger merchandise trade balance, particularly due to gold and coffee, which accounted for more than 74 percent of total earnings. The report emphasizes the importance of diversifying Uganda’s export base to higher-value commodities to reduce vulnerability to global price fluctuations and ensure the sustainability of trade surpluses.
In January 2026, Uganda posted trade surpluses with the Middle East, the European Union, and the East African Community, valued at $559.9 million, $77.23 million, and $41.52 million, respectively. Trade deficits were recorded with the Rest of Africa ($341.15 million), Asia ($174.88 million), and the Rest of Europe ($5.23 million).
