Uganda recorded a 45% rise in export earnings in March, driven largely by a sharp increase in gold shipments that strengthened the country’s foreign exchange inflows. Data released by the Bank of Uganda showed export revenues climbed significantly compared to the same period last year, according to Reuters.
Gold remained Uganda’s top export commodity during the month, reflecting stronger international demand and higher global bullion prices. Analysts say increased refining activity and expanding regional gold trade networks have continued to boost Uganda’s position as one of East Africa’s key gold export hubs.
The rise in export earnings comes as Uganda seeks to improve its external balance and strengthen foreign currency reserves amid broader regional economic pressures. Coffee exports, another major foreign exchange earner for the country, also contributed to improved trade performance alongside agricultural and mineral exports.
Economists note that higher export revenues could provide some support for Uganda’s currency stability and fiscal position. However, they also caution that reliance on commodity exports leaves the economy exposed to fluctuations in global prices and shifts in international demand.
