Uganda's export earnings up 10.2% y/y in July
KAMPALA: Uganda’s export earnings rose 10.2% from a year earlier in July, helped by higher shipments of commodities including gold, cocoa and flowers, the finance ministry said in a report seen by Reuters on Monday. The surge in export earnings could help cushion the local currency, the shilling, which has been weakening against the dollar in recent days. Export earnings rose to $1.40 billion in…
Uganda's export earnings saw a 10.2% increase year-over-year in July, driven by higher shipments of commodities such as gold, cocoa, and flowers, according to the finance ministry. The rise in export earnings could help stabilize the local currency, the shilling, which has been weakening against the dollar. The export receipts reached $1.40 billion in July, up from $1.27 billion in the previous year.
The increase was primarily due to higher earnings from shipments of various commodities, including gold, cocoa, flowers, and maize. The value of gold shipments in July surged by 35% to $788.45 million, primarily due to higher export volumes and increased international gold prices amid global geopolitical tensions. Uganda serves as a regional gold-processing hub, with gold and coffee being the country's main sources of foreign exchange.
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