Uganda recorded a sharp rise in export earnings in March after soaring gold shipments boosted foreign exchange inflows and strengthened the country’s trade performance.
According to the Bank of Uganda, export revenues increased by 45 percent year on year to about $1.31 billion in March, driven mainly by a surge in gold exports.
Gold export earnings climbed to roughly $945 million during the month, making the precious metal by far Uganda’s largest export product. The increase was linked to higher global gold prices and stronger shipment volumes.
The country has increasingly relied on gold exports to support foreign exchange reserves and stabilize its external accounts as global demand for bullion rises amid economic uncertainty and geopolitical tensions.
Uganda exports both domestically mined and refined gold sourced from neighboring countries through regional trading networks. The sector has grown rapidly in recent years, turning gold into one of the country’s most important sources of export income.
Coffee exports also posted gains during the period, supported by strong international prices and higher shipment volumes. Coffee remains another key pillar of Uganda’s export economy.
Officials said the strong export performance helped narrow pressure on the country’s trade balance and contributed to improved foreign currency inflows into the economy.
The growth comes as many African economies seek to capitalise on high commodity prices to strengthen reserves, stabilize currencies and improve fiscal positions.
However, analysts say Uganda’s heavy reliance on gold exposes the economy to commodity price volatility and global market fluctuations.
Authorities are also under pressure to improve transparency and regulation within the gold trade, which has faced scrutiny over sourcing practices and regional smuggling concerns in the past.
Still, the latest figures highlight how rising global demand for gold is increasingly reshaping trade patterns and export revenues across several African economies.
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Emmanuel Abara Benson is a business journalist and editor covering artificial intelligence, global markets, and emerging technology.
He has previously worked with Business Insider Africa and Nairametrics, reporting on finance, startups, and innovation.
His work focuses on AI, digital economy, and global tech trends.
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