Uganda’s September 2023 export earnings post 5.6 percent decline

KAMPALA, November 24, 2023 – According to the Ministry of Finance, Uganda shipped exports worth US$ 632.06 million in September 2023, a 5.6 percent decline when compared to US$ 669.88mln exported in August 2023.

The Ministry’s Performance of the Economy Report October 2023 attributes the decline to lower export earnings from beans, maize, tobacco, flowers, and coffee registered during the month.

In comparison to the same month the previous year, exports in September 2023 grew by 93.1 percent, which the report attributes to increased export earnings from gold, coffee, and maize among others.

Meanwhile, coffee exports during September 2023 amounted to US$ 94.39mln, a 22.4 percent decrease from US$ 121.64mln registered in August 2023. The report attributes the decline partly to the end of the coffee harvesting season in the Greater Masaka and South-Western regions [May to August], as well as the reduction in the international price of Robusta coffee during the month.

However, a comparison with the same month last year shows that coffee exports grew by 32.5 percent from US$ 71.22mln in September 2023. “This was largely attributed to the increase in Robusta coffee exports, partly driven by a good crop harvest in the South-Western region and prevailing good prices on the global scene which prompted exporters to off-load coffee from their warehouses for sale,” says the report.

Destination of exports

The report says the East African Community [EAC] remained the top destination of Uganda’s exports in September 2023, accounting for 39.6 percent of the total market share. “Within the EAC region, the top three destinations for Uganda’s exports were Kenya, Democratic Republic of Congo, and South Sudan taking up 26.2 percent, 25 percent, and 22.4 percent of the total exports, respectively,” says the report.

The Middle East and Asia emerged as the second and third top destinations for Uganda’s exports, accounting for 21.5 percent and 19.6 percent, respectively.

Uganda’s imports

According to the report, the value of merchandise imports decreased by 8.9 percent to US$ 928.41mln in September 2023 from US$ 1.02 billion in August 2023. The report attributes the decrease largely to lower private sector imports, particularly mineral products, petroleum products, chemical and related products and wood and wood products.

Conversely, comparison with the same month last year shows that merchandise imports grew by 37.6 percent in September 2023 from US$ 674.59mlnn in September 2022. “This increase was mainly driven by higher import volumes for mineral products, petroleum products, machinery equipment, vehicles & accessories, and textiles & textile products, among others.”

Origin of imports

The report says Asia remained Uganda’s largest source of imports in September 2023, accounting for 35.2 percent of the total imports. “Within Asia, China and India remained the major contributors, accounting for 72.6 percent of the imports from the region.”

Other notable regions included the EAC, the Middle East, and the Rest of Africa, which accounted for 25.9 percent, 18.3 percent, and 11.6 percent of the total imports respectively, notes the report.

Within the EAC region, Tanzania and Kenya emerged as the lead sources of Uganda’s merchandise imports, accounting for 56.7 percent and 31 percent, respectively, says the report.

https://thecooperator.news/ugandas-exports-rose-17-6-percent-in-august/

Buy your copy of thecooperator magazine from one of our country-wide vending points or an e-copy on emag.thecooperator.news

Views: 0