In FY 22/23, Uganda reported a trade deficit of USD 5,248.20 million, despite gains in merchandise exports. Total exports for the year grew by 42.5 percent, reaching USD 5,466.99 million compared to USD 3,837.66 million in FY 21/22 (Figure 1). Coffee exports, traditionally significant for Uganda, declined by 1.9 percent to USD 845.41 million. In contrast, non-coffee formal exports rose by 65.9 percent to USD 4,074.38 million. Gold exports were notably introduced at USD 1,135.33 million from nil in the previous financial year, and maize exports increased by 259.3 percent to USD 182.18 million.

In the same review period, external factors such as supply chain disruptions and the Russia-Ukraine conflict influenced commodity prices globally. This, in turn, contributed to a rise in Uganda’s import costs, leading to imported inflation. The country’s import expenditure increased by 23.4 percent to USD 10,715.19 million, up from USD 8,679.32 million the previous year. The increase was most prominent in ‘Mineral Products (excluding Petroleum products)’, which saw a 349.7 percent rise, followed by ‘Petroleum Products’ at 32.4 percent and ‘Machinery, Equipment, Vehicles & Accessories at 20.5 percent.