KAMPALA, April 21, 2026 — Uganda’s export earnings rose by 63.7 per cent year-on-year to US$1,374.18 million in February 2026, up from US$ 839.28 million in February 2025, according to a new report released by the Ministry of Finance, Planning and Economic Development [MFPED].
The growth was largely driven by higher receipts from gold, maize, coffee, beans, cement and crude oil, excluding petroleum products, says The Performance of the Economy Monthly Report March 2026.
Gold
According to the report, Uganda’s gold export earnings more than doubled, increasing by 156.7 per cent from US$ 318.71 million to US$ 818.16 million over the same period. “This surge was attributed to rising global gold prices, supported by increased demand for the metal as a safe-haven asset amid geopolitical uncertainties, as well as continued reserve diversification by central banks,” says the report.
Coffee
Similarly, coffee export earnings increased to US$ 180.98 million in February 2026, up from US$ 167.68 million in February 2025. The rise was driven mainly by higher export volumes, which grew to 651,933 60-kilogramme bags from 555,756 bags, on account of improved production. The increase in volumes more than offset a decline in prices, with the average unit price falling by 8.0 per cent from US$ 5.03 per kilogramme in February 2025 to US$ 4.63 per kilogramme in February 2026.
On a month-on-month basis, however, export earnings declined from US$ 1,453.53 million in January 2026 to US$ 1,374.18 million in February 2026. This drop was mainly driven by reduced earnings from gold, beans, fish and fish products, as well as oil re-exports.
The decline in gold exports during February 2026 was attributed to disruptions in trade in the Middle East, a key market for Uganda’s gold, due to ongoing conflict in the region.
Destinations
Despite the disruption, the Middle East remained Uganda’s largest export destination in February 2026, accounting for 47.6 per cent of total exports. At the country level, the United Arab Emirates absorbed the largest share, taking 98.7 per cent of Uganda’s exports to the region.
Other notable destinations included the East African Community [EAC], which accounted for 20.1 per cent, and Asia, which contributed 16.7 per cent of total exports during the month.
Imports
Compared to the same month in 2025, Uganda’s import bill grew by 65.2 per cent, rising from US$ 883.82 million in February 2025 to US$ 1,436.10 million in February 2026. The increase was largely driven by higher import volumes of mineral products, excluding petroleum products; machinery, equipment, vehicles and accessories, chemicals and related products, as well as vegetable products, animal products, beverages, fats and oils, and plastics and rubber products.
On a monthly basis, the value of merchandise imports rose by 9.9 per cent from US$ 1,306.27 million in January 2026 to US$ 1,436.10 million in February 2026. This was mainly attributed to increased volumes of formal private sector imports, particularly mineral products ,excluding petroleum products; vegetable and animal products, beverages, fats and oils, and base metals and their products.
Origin of imports
In February 2026, Asia and the Rest of Africa were the largest sources of Uganda’s imports, accounting for 31.2 per cent and 29.3 per cent respectively. Within Asia, the main sources were China, India and Japan, contributing 49.3 per cent, 24.1 per cent and 8.7 per cent of imports from the region.
Other notable sources included the EAC [22.9 per cent], the Middle East [7.9 per cent] and the European Union [5.5 per cent].
Trade balance
During the month, Uganda recorded trade surpluses with the Middle East and the European Union, amounting to US$ 539.74 million and US$ 56.21 million respectively.
However, trade deficits were registered with Asia [US$ 218.46 million], the Rest of Africa [US$ 371.33 million], the EAC [US$ 53.40 million] and the Rest of Europe [US$ 10.89 million].
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