Goods trade exports rose at their fastest rate in 14 months in April, offsetting a surge in goods imports and slowing down the growth of Uganda’s merchandise trade deficit.
The gap between imports and exports of goods dropped by more than 41.7 per cent from the same month last year to $126.9mn (Shs457.4bn), according to figures from the Bank of Uganda. This was a significant slowdown from the 53.7 per cent decline recorded in March, when export growth was more subdued.
Merchandise exports increased to $1.1bn in April, marking a 72.1 per cent increase from the same month last year, their fastest growth rate since February 2024. Gold exports accounted for the largest increase in total export receipts, growing by 78 per cent — the fastest rate in nine months — to reach $462.9bn. Additionally, the value of coffee exports increased by $129.7mn compared to the same month last year, reaching $214.4bn, which also helped bolster goods exports. Cocoa beans also made a significant contribution, increasing in value from $25.2mn last April to $105.6bn.
Imports of goods rose 30.4 per cent to$1.2bn, the fastest growth rate in three months. The largest contributors were imports by the formal private sector, particularly non-oil imports. Conversely, oil imports fell by $28.9mn.
