Uganda’s export earnings jump 36% in August on strong gold sales

Uganda’s export revenues rose sharply in August, driven largely by increased gold shipments and stronger earnings from other key commodities, according to a finance ministry report released on Thursday.

The report showed that Uganda exported goods worth $1.5 billion in August, compared with $1.1 billion during the same month last year, marking a 36% year-on-year increase.

Gold remained the dominant contributor to export growth. Uganda, which has established itself as a regional hub for gold refining and trade in recent years, exported $889 million worth of gold in August, representing a 68.9% increase from a year earlier.

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The finance ministry said the local currency, the shilling, is expected to benefit from higher remittance inflows from Ugandans living abroad towards the end of 2026, alongside the central bank’s recent interest rate increase.

Looking ahead, the ministry said the start of commercial oil production and exports would further bolster the country’s foreign exchange earnings and strengthen its external position over the medium term.

Uganda plans to begin commercial crude oil production early next year from oilfields located in the country’s western region near the border with the Democratic Republic of Congo.

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