KAMPALA- The Ministry of Finance has revealed that in June 2024, Uganda recorded a drop in exports to a tune of Shs820.078Bn as per the Performance of Economy Report for June 2024.
“Export earnings in June 2024 amounted to US$718.60 million (Shs2.653Trn), a 23.6% decrease from US$940.93 million (Shs3.474Trn) in May 2024. This decline was mainly attributed to lower export earnings from mineral products during the month,” noted the report.
The Ministry also revealed that the East African Community (EAC) emerged as the biggest destination of Uganda’s exports, accounting for 32.5% of the total exports in June 2024. Within the EAC, Kenya, DRC and South Sudan were the top recipients, accounting for 30.0%, 28.1% and 21.8% of Uganda’s exports to the region, respectively.
Other notable destinations for Uganda’s exports were the Middle East, European Union and Asia, which accounted for 24.5%, 18.2% and 18.0% of the total exports during the month respectively.
The Ministry of Finance also revealed that the value of merchandise imports declined by 6.5%, from US$1,033.50 million (Shs3.816Trn) in May 2024 to US$966.53 million (Shs3.569Trn) in June 2024.
This was mainly attributed to lower volumes of formal private sector non-oil imports particularly; vegetable products, animal products, beverages, fats & oils as well as mineral products (excluding petroleum products) during the month.
According to the Ministry of Finance, Asia was the largest source of Uganda’s imports, accounting for 34.6% of the total imports in June 2024. Within Asia, the major sources were China and India accounting for 46.0% and 27.5% of the total imports from the region, respectively.
Other notable sources of Uganda’s imports included the EAC, Rest of Africa and the Middle East accounting and within the EAC, Tanzania and Kenya were the leading sources of Uganda’s imports, accounting for 54.1% and 42.1% of Uganda’s imports from the region, respectively.
