Current account deficit up
Jun 02, 2007
UGANDA’S current account balance recorded a deficit of $62.6m in March as the country imported more goods than it exported, according to the central bank data.
By Sylvia Juuko
UGANDA’S current account balance recorded a deficit of $62.6m in March as the country imported more goods than it exported, according to the central bank data.
“The deterioration from a surplus of $11m registered in February was largely on account of an increase in imports,†Dr. Charles Abuka, the assistant director in the research department said.
Data showed that total imports surged to $227.44m from $200.46m during the same period.
However, the capital and financial account registered a surplus of $127m in March from $56.3m in February.
Despite increased imports, the export sector also grew to $133.31m from $118.37m during the same period.
The growth in exports was spurred by the booming trade with Southern Sudan that has seen an increase in exports of vegetable fats and oil, sugar, cement, beer, paint, building materials, maize flour, mineral water and mattresses.
Increased export volumes were also driven by improved coffee and tobacco prices on the international market.
UGANDA’S current account balance recorded a deficit of $62.6m in March as the country imported more goods than it exported, according to the central bank data.
“The deterioration from a surplus of $11m registered in February was largely on account of an increase in imports,†Dr. Charles Abuka, the assistant director in the research department said.
Data showed that total imports surged to $227.44m from $200.46m during the same period.
However, the capital and financial account registered a surplus of $127m in March from $56.3m in February.
Despite increased imports, the export sector also grew to $133.31m from $118.37m during the same period.
The growth in exports was spurred by the booming trade with Southern Sudan that has seen an increase in exports of vegetable fats and oil, sugar, cement, beer, paint, building materials, maize flour, mineral water and mattresses.
Increased export volumes were also driven by improved coffee and tobacco prices on the international market.