Uganda recorded a merchandise trade deficit of $190.6mn in October, the lowest since February 2021, compared with a gap of $305.7mn a year earlier, as export growth outpaced imports.
Merchandise exports rose 96.6 per cent to $688.7mn from a year earlier, according to Bank of Uganda data. Merchandise imports jumped 34 per cent to $879.3mn.
Formal exports excluding coffee increased by $319.6mn to $561mn, led by gold. Exports of gold and gold compounds rose from 0.3mn to $261.5mn on higher volumes — 4,422 kilograms compared to 6 kilograms last year. Maize exports increased from $6.3mn to $21.3mn. Coffee shipments, on the other hand, grew 17.7 per cent to $78.9mn.
Imports of mineral products excluding petroleum products, which largely represents non-monetary gold excluding gold ores and concentrates, rose from $13mn a year ago to $197.4mn. Imports of machinery and equipment, vehicles and accessories climbed by 18.6 per cent to $166.2mn.
Imports of petroleum products rose 7.3 per cent to $139.5mn, while imports of animal or vegetable fats and oils and their cleavage products were up 20.9 per cent to $62.9mn.
Private sector imports increased by 36.1 per cent to $860.8mn, while government imports declined by 21.6 per cent to 18.5mn.
The trade deficit for the first ten months of the year was $2.6bn, down from $3.1bn a year earlier. This was due to a 62.3 per cent increase in merchandise exports, led by gold, against a 26.3 per cent increase in merchandise imports.
