Data from the Bank of Uganda (BoU) shows the large acquisition of the country’s gold boosted the UAE’s position as the largest source of export earnings for the period with export value of $2.03 billion and export market share of 25.66%.
Following closely behind UAE as Uganda’s top export market was India with exports worth $951.8 million and a market share of 12.9%. Kenya came in third position with exports worth $626.7 million and a market share of 8.51% while South Sudan came next with exports value of $534.5 million and 7.25% market share.
The BoU report further indicates that of the $2.09 billion worth of exports to the Middle East, UAE was responsible for at least 97.46%, with the rest – 2.54% – shared among Israel ($19.03m), Saudi Arabia ($7.26m) and Jordan ($2.44m), among others.
The Observatory of Economic Complexity (OEC) notes that as at 2022, Uganda’s top exports were Gold ($1.92B), Coffee ($753M), Fish ($69.5M), Raw Sugar ($61.7M), and Cocoa Beans ($60M), and the major export destinations were United Arab Emirates ($1.22B), India ($464M), Hong Kong ($350M), Kenya ($312M), and Italy ($265M).
For years, Kenya and Tanzania have been Uganda’s main trading partners.
The OEC data shows as at 2022, that the total value of Ugandan exports to Kenya stood at $312Million. The top product that was exported from Uganda to Kenya was Milk worth $44.6 Million, Concentrated milk ($39.9 million) and electricity ($30.8million).
The data further showed that over the past five years, Ugandan exports to Kenya have reduced by a yearly rate of 8.53% from $488 million recorded in 2017, to $312 million in 2022.
However, Uganda’s exports to the UAE have increased at an annual rate of 5.29% from June 2011 to $2.03b. UAE has during the period, gradually relegated Kenya, DR Congo, and Rwanda, to become Uganda’s largest source of export earnings, contributing 25.66% of total export earnings.
