KAMPALA, March 24, 2026 — Uganda’s exports rose sharply by 72.1 percent year-on-year to US$ 1.45bln in January 2026, up from US$ 844.60mln in January 2025, according to the latest Performance of the Economy Monthly Report February 2026.
The report, published by the Finance ministry, attributes the strong growth to increased export earnings from gold, coffee, industrial products, oil re-exports, beans and electricity, among others.
Gold exports soar
The report states export earnings from gold recorded the most significant growth, rising by 182.2 percent to US$ 913.95mln in January 2026, from US$ 323.84mln in January 2025. The increase was driven by both higher export volumes and rising global prices.
“The quantity of gold exported rose from 3,873 kilogrammes to 6,254 kilogrammes, while the average price increased from approximately US$ 80,000 per kilogramme in January 2025 to over US$ 140,000 per kilogramme in January 2026,” the report states.
“Similarly, gold exports rose from US$ 832.68mln in December 2025 to US$ 913.95mln in January 2026 on account of an increase in the price of gold.”
The rise in gold prices has been partly attributed to the weakening of the US dollar amid heightened geopolitical tensions, prompting investors to seek safe-haven assets. The report also notes that many central banks have increased their gold reserves to diversify away from traditional reserve currencies such as the US dollar.
Coffee earnings edge up
Year-on-year, Uganda’s export earnings from coffee increased slightly to US$ 161mln in January 2026, from US$ 156.50mln in January 2025.
“This increase was largely driven by higher export volumes, which rose from 558,382 sixty-kilogramme bags to 569,454 sixty-kilogramme bags due to increased production,” the report says.
On a month-on-month basis, coffee export earnings rose to US$ 161mln in January 2026, from US$ 149.87mln in December 2025, mainly on account of higher export volumes.
“The rise in volumes more than offset the decline in global coffee prices, resulting in an overall increase in export earnings,” the report notes. The decline in international prices has been linked to improved global supply prospects following favourable weather in key coffee-growing regions in Brazil.
Italy, Germany and Sudan were the main destinations for Uganda’s coffee exports in January 2026.
Export destinations
The Middle East remained Uganda’s leading export destination in January 2026, accounting for 48.9 percent of total exports. At a country-specific level, the United Arab Emirates dominated, taking 99.0 percent of exports to the region.
Other key destinations included Asia [18.43 percent], the East African Community [17.92 percent] and the European Union [10.45 percent].
Exports to Asia amounted to US$ 267.83mln, slightly higher than exports to the East African Community at US$ 260.43mln. Within Asia, the main destinations were Hong Kong, Malaysia, China, India and South Korea, with key exports including mineral products, coffee and spices.
Imports rise despite monthly decline
Uganda’s imports increased by 23.2 percent year-on-year to US$ 1.31bln in January 2026, up from US$ 1.06bln in January 2025. This growth was largely driven by higher formal private sector imports, which outweighed a decline in government imports.
Key private sector imports included mineral products [excluding petroleum], machinery and equipment, vehicles and accessories, base metals and their products, petroleum products, and animal and animal products.
However, on a month-on-month basis, imports declined by 18.5 percent to US$ 1.28bln in January 2026, from US$ 1.57bln in December 2025, due to reduced private sector non-oil imports and lower government imports.
Sources of imports
Asia remained the largest source of Uganda’s imports, accounting for 33.9 percent of the total import bill. Within the region, China, India and Japan were the leading sources, contributing 52.4 percent, 22.3 percent and 8.6 percent respectively.
Other notable sources included the Rest of Africa, the East African Community and the Middle East, accounting for 29.1 percent, 16.8 percent and 11.5 percent respectively.
Trade balance outlook
The report indicates that Uganda’s merchandise trade balance benefited significantly from rising global prices for gold and coffee, which together accounted for over 74 percent of total export earnings in January 2026.
“This concentration underscores the need for Uganda to add value to its exports and diversify its export base to higher-value commodities,” the report states.
“Greater diversification would help reduce the country’s vulnerability to price fluctuations in international commodity markets and support the sustainability of the recently achieved merchandise trade surplus.”
Trade balance by region
In January 2026, Uganda recorded trade surpluses with the Middle East, the European Union and the East African Community amounting to US$ 559.90mln, US$ 77.23mln and USD 41.52 million respectively.
However, trade deficits were registered with the Rest of Africa, Asia and the Rest of Europe worth [US$ 341.15mln], [US$ 174.88mln] and [US$ 5.23mln] respectively.
https://thecooperator.news/uganda-drives-africas-coffee-exports-in-december-2025-new-report/
Buy your copy of thecooperator magazine from one of our country-wide vending points or an e-copy on emag.thecooperator.news
