Uganda's Export Revenue Soars to $1.4 Billion, Driven by Gold Amidst Coffee Slump

Uganda has seen a notable rise in its export earnings, reaching approximately $1.4 billion in July 2026. This represents a 10.1 percent year-on-year increase, largely propelled by the strong performance of gold on the international market.

The Ministry of Finance, Planning and Economic Development reported that gold exports alone surged by 35 percent, generating $788.45 million compared to $584.18 million in July 2025. This global price rally in gold was attributed to its status as a safe-haven asset amidst rising geopolitical tensions.

While gold shone, the crucial coffee sector experienced a downturn, with export revenues dropping by 18.2 percent year-on-year. This decrease was a result of both lower export volumes and reduced global prices, influenced by substantial harvests in competing nations like Brazil and Vietnam. Despite this annual decline, coffee exports saw a month-on-month improvement.

Other contributing sectors to the export growth included maize, flowers, oil re-exports, beer, cocoa beans, cement, and electricity. However, Uganda’s trade balance within the East African Community (EAC) worsened, with a trade deficit of $436.68 million recorded in July 2026, a sharp increase from the previous year. This widening gap was primarily due to a significant rise in imports from EAC partner states, particularly Kenya and Tanzania, which outpaced Uganda’s exports to the region.

The overall import bill also grew by 25.4 percent year-on-year, reaching $1.612 billion, driven mainly by private sector demand for goods like vegetable products, animal fats, oils, beverages, and petroleum. The overall increase in foreign exchange inflows is anticipated to strengthen Uganda’s national reserves and enhance macroeconomic stability.

Source: Daily Monitor (Uganda)