Uganda’s 2019 export earnings reach a historic USD4.1 billion Over the last 10 years, export revenue has been growing at 7%, nearly twice faster than the import bill that has been growing at 4% annually. Gold, has now overtaken coffee as Uganda’s biggest source of export revenue.
President Museveni (in hat) joined by Africa Gold Refinery Limited (AGR) officials and then Minister of Energy and Minerals Irene Muloni (left) launch the refining facility in February 2017. Today gold is Uganda’s largest forex earner, accounting for 31% of all export earnings.
Uganda’s export earnings in 2019, grew by 11.9% from USD3.6 billion in 2018 to USD4.1 billion in 2019. This was despite a 79% decline in formal and informal export earnings from Rwanda- from USD257.5 million in 2018 to USD54.3 million in 2019.
Rwanda, one of Uganda’s top five sources of export revenue, closed its borders with Uganda in February 2019- constructing the movement of people and