Uganda's export revenue increases by 38.9%
The report indicates that the export earnings from commodities such as maize, coffee, tea, and tobacco grew by 38.9 percent in January 2023 compared to the same period in the previous year. This growth in earnings is largely attributed to the higher returns from these commodities, with maize exports in particular showing a significant increase from $6.76m to $35.01m.
The easing of non-tariff barriers in Kenya and the opening of the Uganda-Rwanda border are cited as contributing factors to the growth in maize export earnings. Meanwhile, the increase in earnings from coffee exports is attributed to the growth in exports to meet the reduced supply from major exporting countries such as Brazil and Vietnam.
Uganda's exports increased from $371.81 million to $404.46 million as a result of the development.
With a share of 63 percent, the East Africa Community continued to be Uganda's top export market.
The top three EAC export destinations for Uganda were Kenya, South Sudan, and DR Congo, accounting for 36.3 percent, 23.5 percent, and 20.3% of total exports.
Yet, because of larger volumes of private sector imports brought on by an uptick in economic activity, the import bill's value grew by 11.3 percent in January.
Electricity, prepared food, beverages, cigarettes, and animal and animal product imports all saw large increases.
Asia accounted for 47.5 percent of all imports in January, making it the largest supplier. China and India accounted for 70.1 percent of the total imports from Asia. The Middle East and the EAC, with respective shares of 21.4 percent and 14.1 percent, came in second and third place after Asia.
The top three importers into the EAC, contributing 78.8%, 11.4%, and 6.5% respectively, were Kenya, Tanzania, and the Democratic Republic of the Congo, according to the report.
These developments in the export sector have had a positive impact on the performance of the economy, as evidenced by the significant growth in earnings from these key commodities.
