Uganda’s merchandise export earnings jumped 77.6 percent in January from a year earlier, boosted by sharply higher revenues from gold, coffee and industrial goods, according to a finance ministry report released on Thursday.
The East African country earned US$1.5 billion from merchandise exports in January, up from US$844.6 million in the same month last year, underscoring the growing role of commodities in supporting Uganda’s external sector and foreign exchange inflows.
The finance ministry attributed the strong performance to “higher export earnings from gold, coffee, industrial products, oil re-exports, beans, and electricity, among others,” reflecting both stronger prices for key commodities and rising shipment volumes in some categories.
The sharp increase offers a significant boost for Uganda’s economy at a time when many African countries are seeking to strengthen export revenues, ease pressure on local currencies and improve trade balances amid a volatile global economic environment.
Uganda has increasingly benefited from favourable trends in two of its most important export segments — coffee and gold both of which have delivered rising earnings in recent years.
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The country is Africa’s largest coffee exporter, and the sector has enjoyed a sustained windfall from elevated global coffee prices as well as growing export volumes. Strong international demand, weather-related supply concerns in some producing countries and a shift in global consumption patterns have all helped support prices.
Coffee remains one of Uganda’s most strategic foreign exchange earners and a vital source of income for millions of farmers and households, making its continued strength particularly important for the wider economy.
At the same time, Uganda has steadily emerged as a significant regional gold trading and processing hub, adding another major pillar to its export profile.
According to official data, the country earned US$5.8 billion from bullion exports last year, representing a 75.8 percent increase from the previous period.
That expansion has been fuelled in part by stronger international demand for gold as investors and central banks seek safe-haven assets amid persistent geopolitical tensions, inflation risks and uncertainty over the outlook for major reserve currencies.
The finance ministry report said Uganda had benefited as “many central banks have increased their gold reserves as part of efforts to diversify away from traditional reserve currencies.”
That trend has helped sustain high gold demand globally and provided an opening for countries involved in refining, re-exporting and trading the metal.
Uganda’s growing role in the regional gold market has, however, also attracted scrutiny in the past, particularly over the origin and traceability of some shipments in a region where cross-border mineral flows can be opaque.
Still, the latest figures suggest the sector remains a major driver of export growth and foreign exchange earnings.
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Beyond gold and coffee, the January rise was also supported by industrial products, oil re-exports, beans and electricity exports, indicating that Uganda’s trade performance is drawing support from a somewhat broader range of products.
That diversification could prove important over time as the government pushes to expand manufacturing, deepen regional trade and reduce overdependence on a narrow basket of primary commodities.
The strong January performance may also reinforce optimism about Uganda’s external accounts in 2026, particularly if commodity prices remain supportive and regional demand continues to hold up.
For policymakers, robust export earnings are critical not only for economic growth but also for maintaining currency stability, funding imports and supporting fiscal and monetary management.
Analysts say Uganda’s ability to sustain the current momentum will depend on several factors, including global commodity prices, logistics and trade conditions, and the country’s success in improving value addition across key export sectors.
The figures are likely to be welcomed by the government as evidence that Uganda’s commodity-driven export engine remains resilient despite uncertainty in the broader global economy.
If current trends persist, the country could be on course for another strong year in external trade, with coffee and gold once again expected to play a central role in driving earnings higher.
