In January, Uganda's export earnings increased by 38.9% over the same period in 2021, largely as a result of higher profits from goods like maize, coffee, tea, and tobacco.
During January 2022, maize export revenue was $6.76 million, but it increased to $35.01 million in January 2023 thanks to the "easing of non-tariff barriers in Kenya and the opening of the Uganda-Rwanda border," according to the Ministry of Finance performance of the economy report, which was released over the weekend.
Similar to this, coffee earnings increased by 13.1% as a result of growth in exports to make up for the decreased supply from significant exporting nations like Brazil and Vietnam.
Uganda's exports increased from $371.81 million to $404.46 million as a result of the growth. With a share of 63%, 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 %, 23.5 %, and 20.3% of total exports.
However, because of higher volumes of private sector imports brought on by an uptick in economic activity, the import bill's value increased by 11.3% in January. Electricity, prepared food, beverages, tobacco, and animal and animal product imports all saw significant increases.
Asia accounted for 47.5 % of all imports in January, making it the largest source. China and India accounted for 70.1 % of all imports from Asia. The Middle East and the EAC, with respective shares of 21.4% and 14.1 %, 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.
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