economy 22 July 2026 Uganda Investment Authority
Uganda's May Exports Surge to $1.35 Billion, Driven by Gold and Oil
Uganda experienced a significant boost in merchandise export earnings, reaching $1.346 billion in May 2026, a 12.8% increase compared to the same period last year. This growth was primarily propelled by strong performance in gold, tobacco, oil re-exports, and electricity. Source: https://ugandainvest.go.ug/monthly-export-earnings-hit-1-193-billion-in-may-2026
Uganda’s export sector has shown robust growth, with May 2026 emerging as a strong month for merchandise earnings. The country raked in an impressive $1.346 billion (approximately UGX 4.97 trillion) from its exports during this period. This figure represents a notable 12.8% increase when compared to the $1.193 billion (UGX 4.40 trillion) earned in May of the previous year.
The surge in export revenue is largely attributable to the stellar performance of key commodities and services. Gold, tobacco, oil re-exports, and electricity emerged as the primary drivers behind this positive performance, contributing significantly to the overall earnings.
However, the June 2026 Performance of the Economy Report, released by the Ministry of Finance, Planning and Economic Development, indicates a slight dip in export receipts compared to the preceding month. April 2026 had recorded $1.405 billion (UGX 5.18 trillion) in export earnings. The marginal 4.2% decline from April to May was mainly influenced by reduced earnings from gold and coffee, which are Uganda’s top two export commodities.
Minister of Finance, Planning and Economic Development, Henry Musasizi, highlighted that this exceptional export performance underscores the effectiveness of the government’s strategic policies. These policies are focused on industrialization, enhancing value addition, actively promoting exports, and broadening market access for Ugandan goods and services.
Over the last five years, Uganda has witnessed a remarkable growth in its exports of goods and services, estimated at around 204%. Total export earnings have climbed from $5.93 billion in the twelve months leading up to March 2022 to an impressive $18.04 billion in the year concluding March 2026, showcasing a sustained upward trend.
Key export categories for May included Gold ($814.78m), Coffee ($151.70m), Informal cross-border exports ($69.7m), Fish ($10.59m), Maize ($7.40m), Flowers ($6.02m), Tea ($4.40m), Cotton ($3.71m), Beans ($2.74m), and Tobacco ($8.15m). Major destinations for these exports were the Middle East, the East African Community, Asia, and the European Union.
Source: Uganda Investment Authority