The Independent Uganda: You get the Truth we Pay the Price
Kampala, Uganda | THE INDEPENDENT | For the first time, Uganda registered USD 122 million trade surplus with Kenya, with exports worth USD 628 million to and imports worth USD 505 million. Uganda had in the previous year exported goods valued at USD 475 million and imported goods valued at USD 516 million to Kenya, registering USD 41 million in the trade deficit.
Altogether, Uganda earned USD 413 million (1.5 trillion Shillings) from trade with neighboring countries during the 2017/18 financial year. Exports to the East African Community region totaled USD 1.2 billion, while imports were valued at USD 806 million.
South Sudan topped the regional markets for Uganda’s exports with goods worth USD 311 million (1.2 trillion Shillings). During the same time, Uganda imported goods worth USD 14.5 million (54 billion Shillings) from South Sudan, registering a surplus of USD 296 million (1.1 trillion Shillings).
Exports to Rwanda were valued at USD 197 million while the imports were valued at USD 20 million, registering a surplus of USD 177 million, according to records released today by Trade, Industry and Cooperatives Minister Amelia Kyambadde at the sector review meeting held in Kampala.
For the first time, Uganda registered USD 122 million trade surplus with Kenya, with exports worth USD 628 million to and imports worth USD 505 million. Uganda had in the previous year exported goods valued at USD 475 million and imported goods valued at USD 516 million to Kenya, registering USD 41 million in the trade deficit.
Kyambadde said Uganda registered a trade deficit with Tanzania with exports worth USD 61 million to Tanzania and imports worth USD 169 million. The Uganda-Tanzania trade deficit rose steeply from USD 14 million recorded in the 2016/17 financial year.
There is also low trade volume between Uganda and Burundi. Uganda exported goods valued at USD 36 million to Burundi and imported goods valued at USD 56 million.
Kyambadde said there are a number of non-tariff trade barriers that Uganda is mitigating to scale down trade deficit with Tanzania. She attributed trade surplus with the East African Community to regional integration and multilateral efforts spearheaded by the trade ministry.
The Common Market for Eastern and Southern Africa (COMESA) region remains Uganda’s main trading partner. The country exported goods worth USD 1.48 billion to COMESA countries, followed by the European Union with exports valued at USD 568 million and Middle East bloc with exports valued at USD 414 million.
In total, Uganda’s exports in the 2017/18 financial year were valued at USD 2.89 billion while imports were worth USD 5.48 billion, recording a trade deficit of USD 2.59 billion. Countries with which Uganda had the highest trade deficits are China (USD 845 million), India (USD 596 million), Saudi Arabia (USD 384 million) and United Arab Emirates (USD 277 million).
Kyambadde explained that the deficit with Asia and Middle East countries is due to Uganda’s goods finding more markets in the region. “I no longer hear Uganda traders travelling long routes to take goods to China because we are finding market in the region,” she argued.
She said a number of interventions are being undertaken to bolster Uganda’s exports. Key interventions include the implementation of the National Export Development Strategy unveiled last year, restructuring of inter-institutional trade committee and bolstering ongoing regional integration initiatives.
Coffee continues to be Uganda’s leading Forex exchange earner. Uganda exported coffee worth USD 492 million. Gold is a surprise Forex earner with exports worth USD 337 million last financial year.
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