Business
Gold exports earn Uganda sh3.02 trillion in May
The strong performance was largely attributed to robust earnings from gold and coffee over much of the financial year, although coffee receipts weakened towards May.
The strong performance was largely attributed to robust earnings from gold and coffee over much of the financial year, although coffee receipts weakened towards May. (File)
By: Sarah Nabakooza, Journalist @New Vision
____________________
Uganda's gold exports remained the country's biggest foreign exchange earner in May 2026, with earnings rising sharply compared to the same period last year.
Latest figures from the Ministry of Finance show that gold export earnings reached $814.78m (sh3.02 trillion) in May 2026, up from $485.83m (sh1.80 trillion) recorded in May 2025, representing a 67.7% increase year-on-year.
The growth was driven by higher export volumes and a surge in global gold prices during the period.
The performance helped sustain growth in Uganda's overall merchandise exports, which increased by 12.8% to $1.35b (sh4.99 trillion) in May 2026 from $1.19b (sh4.42 trillion) a year earlier. Gold, together with tobacco, oil re-exports and electricity, accounted for much of the increase in export earnings.
Despite the strong annual performance, gold exports registered a slight slowdown compared to the previous month. Earnings declined by 5.9% from $866.10m (sh3.21 trillion) in April 2026 to $814.78m (sh3.02 trillion) in May.
The decline, alongside lower coffee export earnings, contributed to a 4.2% month-on-month reduction in Uganda's total merchandise exports.
The performance helped sustain growth in Uganda's overall merchandise exports, which increased by 12.8% to $1.35b (sh4.99 trillion) in May 2026 from $1.19b (sh4.42 trillion) a year earlier. Gold, together with tobacco, oil re-exports and electricity, accounted for much of the increase in export earnings.
Despite the strong annual performance, gold exports registered a slight slowdown compared to the previous month. Earnings declined by 5.9% from $866.10m (sh3.21 trillion) in April 2026 to $814.78m (sh3.02 trillion) in May.
The decline, alongside lower coffee export earnings, contributed to a 4.2% month-on-month reduction in Uganda's total merchandise exports.
The Ministry of Finance notes that cumulative merchandise export earnings for the period July 2025 to May 2026 reached $14.47b (sh53.68 trillion), a 34.4% increase from $10.76b (sh39.93 trillion) registered during the corresponding period of the previous financial year.
The strong performance was largely attributed to robust earnings from gold and coffee over much of the financial year, although coffee receipts weakened towards May.
Gold's continued dominance reflects its expanding role in Uganda's export basket, particularly as high international prices continue to boost export receipts.
The commodity remains the country's single largest export by value and a key source of foreign exchange, helping cushion overall export earnings even as other major commodities experienced mixed performance during the month.
The strong performance was largely attributed to robust earnings from gold and coffee over much of the financial year, although coffee receipts weakened towards May.
Gold's continued dominance reflects its expanding role in Uganda's export basket, particularly as high international prices continue to boost export receipts.
The commodity remains the country's single largest export by value and a key source of foreign exchange, helping cushion overall export earnings even as other major commodities experienced mixed performance during the month.