Uganda’s export earnings rose sharply over the past year, driven by booming gold shipments and stronger coffee output, according to official data released on Saturday.
The East African nation recorded export revenues of US$1.37 billion in February 2026, marking a 63 percent increase from US$839.28 million in the same month a year earlier, the Ministry of Finance Planning and Economic Development said in its latest Performance of the Economy Report.
“This growth was mainly on account of a significant increase in gold and coffee export receipts,” the report noted.
Gold remained the dominant driver of export expansion, with earnings more than doubling year-on-year to US$818.16 million in February 2026, up from US$318.71 million previously.
The surge reflects a combination of strong global demand and favourable pricing. Analysts point to rising geopolitical tensions, which have boosted investor appetite for gold as a safe-haven asset, alongside continued diversification of reserves by central banks.
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Uganda, which has positioned itself as a regional gold trading hub, has benefited from these global trends, although questions have occasionally been raised about the origin and traceability of some exports.
Coffee, traditionally one of Uganda’s top foreign exchange earners, also contributed to the growth, though at a more moderate pace.
Export revenues from the crop rose to US$180.98 million in February 2026, compared to $167.68 million a year earlier. The increase was largely driven by higher export volumes, which climbed to 651,933 60-kilogram bags from 555,756 bags over the same period.
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The improvement in volumes reflects better harvests and favourable weather conditions in key growing regions, reinforcing coffee’s role as a stable pillar of the country’s export base.
Despite the strong export performance, Uganda’s trade balance remains under pressure due to a sharp rise in imports.
The import bill climbed 65.2 percent year-on-year to US$1.4 billion in February 2026, up from US$883.8 million in February 2025. The increase was driven by higher volumes of mineral products, machinery and chemical goods, signalling sustained demand for industrial inputs and fuel.
The widening import bill highlights structural challenges in Uganda’s economy, where growth continues to rely heavily on imported capital goods and intermediate products.
Even so, officials say the broader economy has shown resilience in the face of global uncertainty.
According to the report, the Composite Index of Economic Activity — a key measure of overall economic performance — rose by 0.6 percent between January and February 2026 to 185.6.
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The expansion was supported by strong export growth, rising domestic demand, stable inflation and steady activity in the private sector.
Uganda’s economic outlook has remained relatively robust compared to some regional peers, helped by ongoing investments in infrastructure and agriculture, as well as a gradual recovery in global trade.
However, economists caution that sustaining the current momentum will depend on managing external risks, including commodity price volatility and geopolitical tensions that continue to shape global markets.
For policymakers, the challenge will be to translate export gains into broader economic development, while reducing reliance on imports and strengthening domestic production capacity.
