Uganda Export Revenue Jumps 36% in August on Gold Earnings

Uganda’s export revenue rose 36% year on year in August, driven by higher gold and other commodity shipments, the Finance Ministry said Thursday. The country exported goods worth $1.5 billion, up from $1.1 billion a year earlier.

Gold exports were worth $889 million in August, up 68.9% from last year. The ministry noted that Uganda has emerged in recent years as a regional hub for processing and trading gold. It also said the start of commercial oil production and exports will further strengthen foreign exchange earnings. Operations are expected to begin in early 2027 at fields in the west of the country, near the border with DR Congo.

Gold carried most of the gain. At $889 million, it made up roughly three-fifths of the $1.5 billion total, so Uganda export revenue now leans heavily on a single metal. That brings upside when prices and volumes are high and exposure when they are not. Oil is the ministry’s answer to that concentration, but it is a forecast, not yet a shipment.

Watch whether the gold figures hold in later months. The next test is the start of commercial oil production in early 2027, which the ministry expects to add to foreign exchange earnings.