Uganda’s merchandise exports surged in September, growing at the fastest annual rate in 29 months, on the back of strong gold shipments.
Outbound shipments rose 93.1 per cent from a year earlier to $632.1bn, following a 31.9 per cent jump in the previous month, according to data from the Bank of Uganda.
Goods imports increased 37.6 per cent from a year earlier to $928.4bn, following a rise of 23.9 per cent the previous month.
The trade deficit narrowed to $296.4bn in September from $349.7bn the previous month.
The growth in goods exports was largely driven by a surge in gold exports following the removal of a tax on mineral exports in March. Gold shipments rose to $225.3mn from $13.4mn a year earlier. Coffee exports, on the other hand, increased by 32.5 per cent to $94.4bn. Maize exports rose to $15.1mn from $5.9mn in the same month last year, while informal cross-border shipments of bananas jumped to $8.7mn from $0.4mn a year earlier.
Imports of mineral products, excluding petroleum products, rose to $202.7mn in September from $32.9mn a year earlier, while imports of machinery equipment, vehicles, and accessories jumped 35.3 per cent to $186.2mn. Imports of petroleum products increased to $153.7mn from $117mn a year earlier.
