Uganda's export sector delivered a mixed bag of results in September 2024, as revealed by the Finance Ministry's latest economic report.
Year-on-year export report for October 2024 earnings surged by 8.2%, climbing to USD 682.69 million from USD 631.17 million in September 2023.
This growth was largely fueled by higher coffee prices, underscoring the importance of the commodity as a key driver of the country’s trade performance.
However, on a month-to-month basis, the story was less optimistic. Export earnings took a sharp dip of 14.1% from the USD 794.52 million recorded in August 2024.
The decline was primarily attributed to weaker performance in coffee and mineral product exports, which saw significant reductions in demand or price fluctuations during the month.
This contrasting performance highlights both the opportunities and vulnerabilities in Uganda’s export-driven economy.
While rising coffee prices delivered a much-needed boost over the past year, the dependency on a narrow range of export products remains a challenge.
To maintain sustainable trade growth, experts suggest diversifying export markets and addressing volatility in commodity-dependent sectors.
As the global market remains unpredictable, Uganda’s ability to adapt could determine the trajectory of its economic performance in the months ahead.