Uganda’s exports up by 72.1% on year in January — report

________________

Uganda’s export earnings rose substantially by 72.1 percent in January from a year earlier, the latest official figures show.

The finance ministry's performance of the economy report for February 2026 says the exports amounted to $1,453.53 million from $844.60 million in January last year.

“A year-on-year analysis shows that Uganda’s merchandise exports increased by 72.1 percent, rising from $844.60 million in January 2025 to $1,453.53 million in January 2026. This strong growth was primarily driven by higher export earnings from gold, coffee, industrial products, oil re-exports, beans, and electricity, among others,” says the report.

Export earnings from gold recorded the most significant growth, increasing by 182.2 percent over the period, from $323.84 million in January 2025 to $913.95 million in January 2026.

The report says this increase was driven by both higher export volumes and rising global prices.

The quantity of gold exported rose from 3,873 kilogrammes to 6,254 kilogrammes, while the average price increased from approximately $80,000 per kilogramme in January 2025 to over $140,000 per kilogramme in January 2026.

Similarly, gold exports rose from $832.68 million in December 2025 to $913.95 million in January 2026 on account of an increase in the price of gold.

The rise in gold prices has been partly attributed to the weakening of the US dollar amid rising geopolitical tensions, which has prompted investors to seek gold as a safe-haven asset.

In addition, many central banks have increased their gold reserves as part of efforts to diversify away from traditional reserve currencies such as the US dollar.

Year-on-year, Uganda’s export earnings from coffee increased marginally, rising from $156.50 million in January 2025 to $161.00 million in January 2026.

This increase was largely driven by higher export volumes, which rose from 558,382 sixty-kilogram bags to 569,454 sixty-kilogramme bags, because of increased coffee production.

On a month-on-month basis, coffee export earnings also increased, rising from $149.87 million in December 2025 to $161.00 million in January 2026, primarily due to the increase in export volumes. The rise in volumes more than offset the decline in global coffee prices, resulting in an overall increase in export earnings.

The decline in international coffee prices has largely been attributed to an improved global supply outlook, following favourable weather in key coffee-growing regions in Brazil, which boosted expectations of higher global production.

Italy, Germany and Sudan were the major destinations of Uganda’s coffee exports in January 2026.

Uganda’s merchandise trade balance significantly benefited from rising global prices for coffee and gold over the past year.

In January 2026, these two commodities accounted for over 74 percent of total export earnings, highlighting their dominant role in Uganda's export performance.

This concentration underscores the need for Uganda to add value to its exports and diversify its export base to higher-value commodities.

Greater diversification would help reduce the country’s vulnerability to price fluctuations in international commodity markets and support the sustainability of the recently achieved merchandise trade surplus.