Uganda’s Merchandise Exports Surge 72% Driven by Gold and Coffee
Uganda Merchandise Exports Jump 72% to $1.45 Billion in January 2026 Amid Gold Boom
Uganda experienced a remarkable 72% increase in merchandise exports in its last fiscal year, according to a recent report by the Ministry of Finance.
The East African nation’s merchandise export revenue rose from $844.6 million in January 2025 to $1,453.5 million in January 2026.
A post on X by the Government Citizen Interaction Centre highlighted that Uganda’s merchandise exports grew to approximately UGX 5.43 trillion ($1.45 billion) in January 2026, up from UGX 5.22 trillion ($1.395 billion) in December 2025.
Gold and Coffee Drive Export Growth
The report noted that the surge was primarily fueled by exports of gold and coffee, along with industrial products, electricity, beans, and oil re-exports.
“In January 2026, Uganda recorded a merchandise trade surplus of $147.26 million. The improvement was largely driven by strong export performance, particularly from gold and coffee, which together generated $1,074.95 million in export earnings during the month,” the report stated.
Gold exports saw the most significant growth, rising 182.2% from $323.84 million in January 2025 to $913.95 million in January 2026.
Over the past six years, Uganda’s gold exports have surged from $1.26 billion in 2019 to $6.4 billion in 2025, making gold the country’s largest export commodity. Meanwhile, coffee generates about $2.4 billion annually, and cocoa contributes roughly $700 million.
Export Profile Shifts Amid Global Demand
Uganda’s gold exports increased 75.8% last year to around $5.8 billion, reflecting a rapid shift in the nation’s export profile as bullion overtook coffee as the leading source of foreign exchange.
According to the Bank of Uganda, gold shipments rose from $3.3 billion in 2024, driven primarily by record international prices that attracted new traders into the sector.
The growth has also benefited from a wave of central banks increasing their gold reserves as they diversify from traditional reserve currencies.
Despite the strong export performance, Uganda’s net gain from trade stands at about $200 million, underscoring the country’s reliance on strategic commodities like gold and coffee for foreign exchange earnings.
