Uganda's Export Boom: Coffee, Cocoa, and Gold Drive Near Doubling of Earnings

Uganda's export earnings nearly doubled in October compared to last year, primarily due to increased revenues from coffee, cocoa, and gold. The country's export earnings rose to $1.5 billion, with gold shipments alone contributing $964.6 million, driven by high global prices and safe-haven demand.

Uganda witnessed a substantial boost in export earnings this October, almost doubling those from the same period last year, according to a finance ministry report released on Thursday.

The significant increase in revenue was fueled by commodities like coffee, cocoa, and gold, with export earnings soaring to $1.5 billion, up from $769.6 million in October 2024.

Notably, Uganda's gold shipments alone more than tripled, amounting to $964.6 million. This surge is attributed to rising global gold prices, influenced by safe-haven demand and weakness in the U.S. dollar, as per data from the Bank of Uganda.

(With inputs from agencies.)