Uganda's export earnings surge 36% in one year

Uganda's export earnings rose 36% year-on-year in August, helped by higher receipts from shipments of gold and other commodities, a finance ministry report said on Thursday.

The country exported goods worth $1.5 billion in August, up from $1.1 billion a year ago, the report seen by Reuters on Thursday showed.

In recent years, Uganda has become a regional hub for gold processing and trading. In August, the country shipped $889 million worth of the precious metal, up 68.9% from last year, according to the report.

Uganda has also emerged in recent years as a processing and trading centre for gold shipped in from neighbours including eastern Democratic Republic of Congo, South Sudan and other areas, as Uganda produces little gold of its own.

The price of gold rose more ‍than 64% in 2025 as global geopolitical tensions drove a surge in demand for the safe-haven metal.

Supporting local currency

The ministry said "the anticipated increase of remittances from the Ugandan Diaspora towards the end of 2026", combined with the central bank's steep policy rate hike, was expected to provide immediate support to the local currency, the shilling.

"Commencement of commercial oil production and export will strengthen Uganda's foreign exchange earnings and external position over the medium term," the ministry said.

In 2025, Uganda shipped bullion worth $5.8 billion, up from $3.3 billion in 2024, which Adam Mugume, the Bank of Uganda's executive director for research and economic analysis, says is partly due to an increase in soaring international gold prices.

Uganda expects to commence commercial production of crude oil early next year from fields in its west near its border with the Democratic Republic of Congo.