Uganda’s export earnings recorded a strong rebound in November 2025, rising 70.5 percent year-on-year, underscoring the growing contribution of key commodities—particularly coffee and gold—to the country’s external trade performance.
According to the Performance of the Economy Report for December 2025, export receipts increased from USD 698.46 million (Shs 2.73 trillion) in November 2024 to USD 1,190.51 million (Shs 4.64 trillion) in November 2025. The sharp improvement was largely driven by higher earnings from coffee and gold during the review period.
Coffee Exports Lead Growth
Coffee remained one of the strongest performers, with export earnings rising 70.8 percent, from USD 108.91 million (Shs 424.7 billion) in November 2024 to USD 185.99 million (Shs 725.8 billion) in November 2025.
The growth was supported by increased coffee production in central and eastern Uganda during the peak harvest season, alongside improved global coffee prices, which boosted export values despite lingering logistical challenges in global supply chains.
Month-on-Month Decline in Exports
Despite the robust year-on-year performance, Uganda’s merchandise exports declined 20.4 percent month-on-month compared to October 2025. Export earnings fell from USD 1,496.45 million (Shs 5.83 trillion) in October to USD 1,190.51 million (Shs 4.64 trillion) in November.
The decline was primarily attributed to a 33.7 percent drop in gold export earnings, which decreased from USD 964.60 million (Shs 3.76 trillion) to USD 639.26 million (Shs 2.49 trillion) during the period.
However, non-gold exports posted moderate growth, increasing 3.6 percent month-on-month from USD 531.85 million (Shs 2.07 trillion) to USD 551.25 million (Shs 2.15 trillion). This rise was driven by commodities such as cocoa beans, tobacco, fish, and other agricultural and manufactured products, reflecting gradual progress in export diversification beyond gold.
Export Destinations
Regionally, the Middle East remained Uganda’s largest export market, accounting for 42.7 percent of total merchandise export earnings, with revenues increasing by USD 270.06 million (Shs 1.05 trillion).
The East African Community (EAC) followed with a 21.7 percent share, while Asia and the European Union (EU) accounted for 16.9 percent and 13.5 percent, respectively.
Notably, exports to Asia and the EU nearly doubled compared to October. Exports to Asia surged from USD 92.2 million (Shs 359.6 billion) to USD 201 million (Shs 783.9 billion), while exports to the EU rose from USD 87.3 million (Shs 340.5 billion) to USD 160 million (Shs 624 billion), signalling improved market access and rising demand.
Imports Also Rise Year-on-Year
On the import side, Uganda’s merchandise imports expanded 36.5 percent year-on-year, rising from USD 1,042.12 million (Shs 4.06 trillion) in November 2024 to USD 1,422.84 million (Shs 5.55 trillion) in November 2025.
The increase was largely driven by formal private sector imports of non-oil items, including prepared foodstuffs, machinery, vehicles, and gold.
However, imports declined 9.4 percent month-on-month, from USD 1,570.91 million (Shs 6.12 trillion) in October to USD 1,422.84 million (Shs 5.55 trillion) in November. The contraction was led by a 10.3 percent fall in formal non-oil private sector imports, which dropped from USD 1,405.43 million (Shs 5.48 trillion) to USD 1,260.38 million (Shs 4.91 trillion).
Major Sources of Imports
In November 2025, the EAC and Asia remained Uganda’s largest sources of imports, accounting for 30.4 percent and 28.5 percent of total imports, respectively. Within the EAC, Tanzania was the leading source, contributing 55.2 percent of regional imports.
In Asia, China dominated, accounting for 52.6 percent of imports from the region. Other significant sources included the Rest of Africa (19.6 percent) and the Middle East (10.5 percent).
Overall, the data points to a strengthening external sector, driven by commodity exports and expanding market reach, even as month-on-month fluctuations highlight the continued volatility linked to gold exports and global trade conditions.
