Uganda’s annual export earnings jump 45.6 percent in March 2026 – report

KAMPALA, May 24, 2026 — Uganda’s export earnings rose by 45.6 percent year-on-year to about US$ 1.45 billion in March 2026, up from US$ 992.98 million in March 2025, according to the latest Performance of the Economy Monthly Report. The growth was mainly driven by increased receipts from gold, oil re-exports, electricity, and tobacco, among other commodities.

The report released by the Finance ministry shows gold export earnings more than doubled, rising by 121.1 percent to US$ 851.35mln from US$ 385.08mln over the same period. This surge was largely attributed to higher global gold prices, which have been supported by growing demand for safe-haven assets amid global economic uncertainty, prompting central banks to diversify their reserve holdings.

In contrast, coffee export earnings declined to US$ 173.36mln in March 2026 from US$ 198.94mln in March 2025. The decrease was entirely price-driven, with the average unit price falling to USD 4.31 per kilogramme from US$ 5.16 per kilo over the period.

Export volumes, however, increased by 4.4 percent to 671,152 sixty-kilogramme bags from 642,981 bags, reflecting improved production. This increase was nonetheless insufficient to offset the decline in prices, resulting in lower overall coffee export revenues.

On a monthly basis, the report indicates export earnings rose by 5.8 percent from about US$ 1.37bln in February 2026 to about US$ 1.45bln in March 2026. This improvement was driven by higher receipts from gold, cotton, tea, electricity, sugar, and oil re-exports, among others.

The Middle East remained Uganda’s largest export destination in March 2026, accounting for 37.2 percent of total exports.

At country level, the United Arab Emirates absorbed the largest share, accounting for 99.5 percent of Uganda’s exports to the region. Other key markets included Asia and the East African Community [EAC], which accounted for 25.3 percent and 21.8 percent of total exports, respectively.

Uganda’s imports increase by 36.2 percent

Compared with the same month the previous year, the import bill increased by 36.2 percent to about US$ 1.49bln in March 2026, from about US$ 1.096bln in March 2025. This increase was driven by higher government project imports and increased import volumes from the formal private sector, particularly mineral products, excluding petroleum products, machinery, equipment, vehicles and accessories, as well as vegetable products, animal products, beverages, fats and oils, among others.

Similarly, on a monthly basis, the value of merchandise imports rose by 4.1 percent, from US$ 1.44bln in February 2026 to US$ 1.49bln in March 2026. This was mainly attributed to higher government project imports and increased formal private sector imports, particularly vegetable products, animal products, beverages, fats and oils, prepared foodstuffs, beverages and tobacco, as well as chemical and related products, wood and wood products, among others.

Origin of imports

In March 2026, Asia, the EAC, and the Rest of Africa were the largest sources of Uganda’s imports, accounting for 31.0 percent, 24.1 percent, and 22.7 percent, respectively.

Within Asia, China, India, and Japan were the leading suppliers, accounting for 56.4 percent, 17.1 percent, and 10.0 percent of total imports from the region, respectively. Other notable sources included the Middle East and the European Union, which accounted for 11.1 percent and 7.4 percent of total imports, respectively.

Trade balance by region

During March 2026, Uganda recorded a trade surplus with the Middle East and the European Union, amounting to US$ 371.47mln and US$ 25.24mln, respectively.

However, trade deficits were recorded with Asia [US$ 96.2mln], the Rest of Africa (US$ 277.9mln), the EAC [US$ 44.33mlnn, and the Rest of Europe [US$ 14.76mln].

https://thecooperator.news/coffee-minerals-and-cotton-drive-ugandas-exports-in-july-report/

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