Uganda records trade surplus of 35 billion shillings with EAC states

by MMC
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Uganda’s trade with East African Community member states recorded a surplus of $9.45 million (Sh35.4 billion) in September, a change from to the deficit of $49.9 million from the previous month.

The Ministry of Finance, Planning and Economic Development said in its economic report dated November 17 that this surplus was due to both a reduction in imports (of 41.94 million dollars), or about 157.3 billion shillings, and an increase in exports (by 17.41 million dollars). million), or approximately (Shs 65.328 billion).

On the other hand, the Ministry of Finance said imports from the region fell to $240.69 million (about Sh903.1 billion) in September from $282.63 million (about Sh1 060 billion shillings) in August 2023.

“The reduction was mainly attributed to lower imports from Tanzania and Kenya, which fell by $52.71 million (about Sh197.7 billion) and $7.76 (about Sh29.1 billion) respectively. billion shillings),” the Finance Ministry said.

Within the EAC, Uganda sources most of its imports from Kenya and Tanzania, with these two countries contributing 87.73 percent of total imports in September, unlike August when the share was of 96.37 percent.

In September 2023, exports to the EAC increased by 7.48 percent to $250.13 million (about Sh938.5 billion) from $232.72 million (Sh873.2 billion) in August 2023. Exports to Tanzania, Kenya and Rwanda increased by $9.37 million (about Sh35.1 billion). , $8.47 million (about Sh31.7 billion) and $2.29 million (about Sh8.5 billion), respectively.

“The majority of exports were to Kenya, Democratic Republic of Congo and South Sudan, respectively worth $65.42 million (about Sh245.4 billion), $62.61 million (about Sh234). .9 billion shillings) and 56.11 million dollars (approximately 203.039 billion shillings). . These three countries accounted for 73.62 percent of total exports to the region during the month under review,” the Finance Ministry said.

The ministry noted that Uganda exported goods worth $632.06 million (about Sh2.3 trillion) to the rest of the world in September 2023.

This represents a decline of 5.6 percent from the $669.88 million (about Sh2.5 trillion) exported in August 2023. The decline is mainly attributed to lower export earnings from beans, corn, tobacco, flowers and coffee recorded during the month.

Compared to the same month of the previous year, merchandise exports increased by 93.1 percent from $327.28 (about Sh1.2 billion) in September 2022. This was attributed to the increase export earnings from gold, coffee and corn, among others.

Coffee exports during the month stood at $94.39 million (about Sh354.1 billion), down 22.4 percent from $121.64 million (about Sh456. 4 billion shillings) recorded in August 2023.

The Ministry of Finance said the decline was partly attributed to the end of the coffee harvest season in the Greater Masaka and South West regions (May to August), as well as the decline in the international price of coffee. Robusta coffee during the month.

However, compared to the same month last year, coffee exports increased by 32.5 percent from $71.22 million (about Sh267.2 billion) in September 2022 to 94.39 million dollars (approximately Sh354.1 billion) in September 2023.

This has been largely attributed to increased exports of Robusta coffee, partly due to a good harvest in the South West region and good prices prevailing on the global stage, prompting exporters to offload the coffee from their warehouses to sell it.

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