KAMPALA – The value of Uganda’s exports in January 2023 rose by about 8.8 percent to US$ 404.46 million from US$ 371.81mln registered the previous month, mostly due to higher receipts for coffee and maize, says the Ministry of Finance in its February 2023 Performance of the Economy Monthly Report.
According to the report, earnings from coffee exports increased by 13.1 percent because of higher volumes exported to meet the reduced supply from major exporting countries such as Brazil and Vietnam on the international market.
Maize export receipts increased by 71.0 percent from US$ 20.48mln in December 2022, to US$ 35.01mln in January 2023, says the report.
The value of exports increased by 38.9 percent in January 2023 compared to the same period last year owing to higher export earnings from maize, coffee, tea, and tobacco.
In January 2022, earnings from maize exports were only US$ 6.76mln compared to the US$ 35.01mln recorded in January 2023. “This follows the easing of non-tariff barriers in Kenya and the opening of the Uganda-Rwanda border.”
Destination of Uganda’s exports
The report says the East African Community [EAC] was the top destination of Uganda’s exports in January 2023, accounting for 63 percent of the total export receipts. Kenya, South Sudan, and DR Congo were the top three destinations of the exports to EAC, taking up 36.3 percent, 23.5 percent, and 20.3 percent, respectively.
On the other hand, the European Union [EU] and Asia were the second and third top destinations taking up 17.6 percent and 7.5 percent of Uganda’s total exports, respectively.
Imports
According to the reporter, Uganda, imported goods worth US$ 636.26 million was imported in January 2023, a decline of 4.6 percent when compared to US$ 667.01 spent on imports in the previous month. “The decline was on account of lower volumes for both Government and private sector imports,” says the report.
However, year-on-year, the value of imports was higher by 11.3 percent in January 2023 compared to January 2022, with the increase being driven by higher private sector imports as more volumes were imported compared to January 2022.
“This follows increased economic activity over the period of analysis. Imports that registered a significant increase include electricity, prepared foodstuffs, beverages and tobacco and Animal and animal products,” says the report.
In January 2023, the report, says, Asia was the largest source of merchandise imported accounting for 47.5 percent of the total imports. Of the total imports from Asia, 70.1 percent were from China and India.
Asia was followed by the Middle East and EAC accounting for 21.4 percent and 14.1 percent of the total imports. In EAC, the top three sources of imports were Kenya, Tanzania, and DR Congo each contributing 78.8 percent, 11.4 percent, and 6.5 percent, respectively of the total imports from the region.
Trade balance by region
The report adds Uganda continued to trade at a deficit with Asia, although the deficit was lower compared to the previous month following higher exports to the region. On the other hand, it says, a trade surplus was registered with the EU, EAC, and the rest of Africa in January 2023. “The trade position with EAC improved on both an annual and monthly basis,” the report notes.
https://thecooperator.news/ugandas-december-2022-coffee-exports-drop-22-percent/
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