Uganda’s December 2022 export earnings rose 10.7 percent
KAMPALA-Uganda’s export commodities earned the country US$ 371.81 million in December 2022, indicating an increase of 10.7 percent from US$ 335.77mln registered in the previous month, according to the latest Performance of the Economy Report.
The January 2023 report produced by the Finance ministry attributes the rise in the country’s export revenue to increased receipts for maize and mineral products, among others.
Maize exports increased from US$ 4.34mln in November 2022 to US$ 20.48mln in December 2022. “This rise was partly due to the onset of the maize harvesting season as well as the heightened demand for Uganda’s maize by the neighboring countries,” says the report.
However, the report notes a 7.2 percent decline in the value of coffee export earnings from US$ 64.14mln in November 2022 to US$ 59.54mln in December 2022. The report mainly attributes the decline to lower export volumes as a result of dry weather conditions from April to August 2022 in most parts of the country’s coffee-producing regions, which led to lower yields.
Meanwhile, in comparison to December 2021, export earnings increased from US$ 323.96mln to US$ 371.81mln representing a 15.1 percent growth. “This growth was on account of increased earnings from commodities such as maize, mineral products, beans among others.”
The report indicates the East African Community [EAC] remained the major destination for Uganda’s exports accounting for USD 227.08mln [61.1 percent] of the total exports during the month. In particular, Kenya [US$ 71.19 million], D.R.C. [USD 57.01mln], and South Sudan [US$ 50.98mln] received 78.9 percent of the total exports to the EAC.
The European Union [EU] was the second major destination for our exports accounting for 15.3 percent, followed by Middle East at 6.9 percent. At country-specific level, 45.8 percent of the exports to EU went to Italy and 17.5 percent to Germany. “It is worth noting that in December 2022, Italy maintained the highest market share for Uganda’s coffee, followed by Sudan and Germany.”
Imports
The value of imports destined for Uganda increased by 4.9 percent to US$ 666.71mln in December 2022 from US$ 635.60mln in November 2022.
This growth was mainly attributed to the higher volumes of private sector goods imported. In particular, the private sector imports which had the largest increases were mineral products; textile and textile products; wood and wood products; and chemical and related products.
In comparison to the same month last year, imports grew by 8.1 percent from US$ 616.71mln in December 2021 to US$ 666.71mln in December 2022. “This was mainly driven by increased import volumes for petroleum products, machinery equipment, vehicles & accessories over the period.”
Origin of Imports
In December 2022, Asia remained the largest source of Uganda’s imports, accounting for US$ 302.68mln of Uganda’s total imports, with China and India contributing 50.5 percent and 19.2 percent of the merchandise respectively. The second largest source was Middle East [US$ 143.38mln] followed by EAC [US$ 90.65mln] and the EU at US$ 66.61mln.
https://thecooperator.news/ugandas-december-2022-coffee-exports-drop-22-percent/
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