Uganda gets highest ever monthly earnings from gold exports

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Gold exports continued to dominate Uganda’s external sector, accounting for the largest share of export earnings in January 2026, according to the Ministry of Finance’s latest Performance of the Economy Report.

The report shows that gold export receipts rose to $913.95m (Sh3.42 trillion) in January from $823.68m (Sh3.08 trillion) in December, representing an increase of about $90 million month-on-month.

With total export earnings standing at $1.453 billion (Sh5.43 trillion) during the month, gold alone contributed 63% of Uganda’s total merchandise exports.

It is important to note that the monthly earnings from the January 2026 gold exports are the highest Uganda has ever earned from gold exports.

The Ministry attributes the strong performance to a combination of increased export volumes and favourable global prices. Gold prices have remained elevated on the international market, supported by global economic uncertainty, which has boosted demand for the precious metal as a safe-haven investment.

In addition to global price dynamics, domestic factors have also played a key role. Increased local gold production, improved recovery from artisanal and small-scale miners, and the expansion of licensed mineral dealing operations have contributed to the surge in export receipts.

Beyond gold, other exports such as coffee, maize, electricity and oil re-exports also registered improvements during the month, although their contribution remains significantly lower.

Coffee, Uganda’s leading agricultural export, also recorded improved performance during the month. Earnings from coffee exports increased to $160.99m (Sh602.1b) in January, up from $149.87m (Sh560.5b) in December, translating into a monthly increase of about $11.1 million.

Beyond the traditional exports, electricity exports to neighbouring countries also posted growth. Earnings rose to $7.23m (Sh27b) in January from $5.67m (Sh21.2b) in December, reflecting stronger regional demand for power.

Similarly, maize exports registered a significant rebound, with export receipts increasing to $7.91m (Sh29.6b) from $5.19m (Sh19.4b) over the same period.

Other agricultural exports showed mixed performance. Tea exports increased slightly to $4.72m (Sh17.7b) from $4.41m (Sh16.5b), while flower exports rose to $6.76m (Sh25.3b) from $5.53m (Sh20.7b) in December.

However, some commodities recorded declines. Tobacco exports dropped sharply to $7.14m (Sh26.7b) from $10.44m (Sh39.0b), while fish and fish products declined to $13.09m (Sh49.0b) from $16.63m (Sh62.2b) in the previous month. Similarly, beans exports fell to $9.22m (Sh34.5b) from $11.11m (Sh41.6b).

On the other hand, oil re-exports recorded one of the strongest increases among non-traditional exports. Earnings more than doubled to $29.18m (Sh109.1b) in January from $14.01m (Sh52.4b.

A year-on-year comparison further highlights the strength of Uganda’s export sector. Export earnings grew by 72.1%, rising from $844.6m in January 2025 to $1.453 billion in January 2026, driven by higher receipts from gold, coffee, industrial products and oil re-exports.

The strong performance in exports helped Uganda record a trade surplus of $1.453 billion (Sh5.43 trillion) in January 2026, a reversal from a deficit of $1.395 billion (Sh5.22 trillion) in the previous month.