Uganda’s Export Earnings Jump 36% as Gold Trade Drives Record August Performance
Uganda Export Revenues Surge 36% to $1.5 Billion in August on Strong Gold Shipments
Uganda recorded a sharp increase in export earnings in August 2026, with revenues rising 36% year-on-year, driven largely by booming gold exports and stronger commodity trade.
According to a report from the Ministry of Finance, Uganda exported goods worth approximately $1.5 billion during the month, up from $1.1 billion recorded in August 2025.
The strong performance underscores the growing importance of the country’s mineral sector in supporting foreign exchange earnings and overall economic growth.
Gold remained the standout contributor to Uganda’s export performance, generating $889 million in export revenues during August. This represented a nearly 69% increase compared to the same period last year.
In recent years, Uganda has strengthened its position as a regional gold refining, trading and export hub, attracting increased investment in precious metals processing and international trade.
The sector has become one of the country’s most significant sources of foreign exchange, helping offset global economic uncertainties and supporting economic resilience.
Support for the Ugandan Shilling
The Ministry of Finance noted that expected increases in remittances from Ugandans living abroad, particularly towards the end of 2026, could provide additional support to the country’s external accounts.
Officials also indicated that recent monetary policy measures implemented by the Bank of Uganda, including interest rate adjustments, are expected to help stabilise the Ugandan shilling and strengthen confidence in the local currency.
Oil Exports Expected to Boost Future Earnings
Beyond the strong performance of gold exports, Uganda is preparing for another major milestone with the anticipated start of commercial crude oil production.
The government expects oil production to commence next year from fields located in western Uganda near the border with the Democratic Republic of Congo.
Once exports begin, authorities expect the petroleum sector to significantly strengthen the country’s foreign exchange earnings and improve its external balance position.
With gold exports continuing to perform strongly and oil production on the horizon, Uganda appears well positioned to diversify its export base and enhance its role as a major commodities exporter in East Africa.
