Uganda’s exports for the month of September declined by 35.6 percent compared to the previous month, yielding 326.8 million U.S. dollars, a new report said Thursday.’
The monthly economic report for October, compiled by the ministry of finance, said the drop was due to lower non-coffee formal exports receipts especially for sugar, maize, crude oil (excluding petroleum products), fruits and vegetables, beans, vanilla, and cement.
However compared to the year on year, the September 2022 exports receipts grew by 13.9 percent, to 326.8 million dollars from 287.0 million dollars.
“This was as a result of higher coffee export receipts, maize, sugar, base metals and products, fish and its products, oil re-exports among others,” the report said.
Most of the country’s exports during the month went to the East African Community (EAC) region which accounted for 57.7 percent (188.5 million dollars) followed by the European Union with a share of 17.3 percent (56.61 million dollars). Within EAC, 87.5 percent of the exports went to South Sudan, Democratic Republic of Congo, and Kenya.
The report said the merchandise trade deficit widened by 11.2 percent to 338.5 million dollars in September from 304.5 million dollars in August. The deficit was due to a decline in exports receipts.
Compared to the year on year, the September 2022 merchandise trade deficit widened by 48.7 percent to 338.5 million dollars from 227.6 million dollars as imports grew faster than exports receipts.
According to the report, the value of the import bill dropped by 18.1 percent to 665.3 million dollars in September from 812.0 million dollars in August.
This was explained by lower private sector imports between the period. Specifically, imports of petroleum products, chemical and related products, base metals and their products, and wood and wood products declined.
The biggest source of Uganda’s imports in September, was Asia, accounting for 46.6 percent of the total imports. This was followed by the Middle East and EAC that accounted. Kenya and Tanzania accounted for the largest share of Uganda’s imports from the EAC.
Source: Ghana News
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