Uganda trade surplus with DRC hits $53m, its highest in East Africa
Wednesday February 28 2024
The EAC remained the top destination of Uganda’s exports, accounting for 37.6 percent of the total market share, followed by the Middle East and European Union. PHOTO | FILE | NMG
Uganda registered the highest trade surplus with the Democratic Republic of Congo (DRC) amounting to $53.07 million (Ush208.9 billion) in January, according to the Ministry of Finance Performance of the Economy report.
The report, which highlights the monthly performance of different sectors of the economy, noted that DR Congo received more exports from Uganda than any other East Africa Community (EAC) member state, followed by South Sudan at $41.68 million (Ush164 billion), Rwanda $23.1 million (Ush90.9 billion) and Burundi at $5.25 million (Ush20.6 billion). However, Uganda reported deficits with Tanzania of $88.41 million (Ush348 billion), and Kenya of $12.39 million (Ush48.7 billion).
The performance saw Uganda’s exports to the EAC partner states grow to $231.47 million while imports stood at $209.17 million.
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The EAC remained the top destination of Uganda’s exports, accounting for 37.6 percent of the total market share, followed by the Middle East, and European Union.
However, Uganda trades at a deficit with Asia, the rest of Africa, and Europe of $267.64 million, $118.15 million, and $6.64 million, respectively.
Overall, the Ministry of Finance report noted that Uganda’s total exports in December were worth $616.36 million, representing a 0.2 percent increase compared to $615m exported in November last year, largely due to higher export earnings from Simsim, tobacco, and cotton.
Coffee exports registered a 6.7 percent decline from $470.68 million due to delayed harvests and drying of newly harvested coffee caused by heavy rains.
During the period imports declined by 3.1 percent from $914.7 million in November to $886.24 million in December 2023, due to lower private sector imports, particularly wood and wood products, electricity, petroleum products, animals, and animal products, among others.
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Asia remained Uganda’s largest source of imports, accounting for 41.2 percent of the total imports, with China and India being the major contributors, accounting for 61.9 percent of the imports from the region.
Other notable regions included EAC, the rest of Africa, and Middle East, which accounted for 23.6 percent, 15.1 percent, and 10.2 percent, respectively.