Uganda’s export earnings rose by 36% year-on-year in August 2026, driven largely by a sharp increase in gold shipments, according to a report from the country’s finance ministry.
The country exported goods worth $1.5 billion during the month, compared with $1.1 billion in August 2025, Reuters reported on Thursday, October 22.
Gold was the biggest contributor to the increase, with shipments valued at $889 million. This represented a 68.9% rise compared with the same month last year, highlighting the growing importance of the precious metal to Uganda’s export performance.
Uganda has increasingly established itself as a regional centre for gold processing and trading, strengthening the sector’s role in generating foreign exchange. However, the figures also underline the significant contribution of gold to the country’s overall export earnings.
The finance ministry said an anticipated increase in remittances from Ugandans living abroad towards the end of 2026, together with a sharp central bank policy rate increase, was expected to provide immediate support to the Ugandan shilling.
Looking further ahead, Uganda expects commercial crude oil production and exports to strengthen its foreign exchange earnings and external position over the medium term.
The country is preparing to begin commercial oil production early in 2027 from fields in western Uganda, near the border with the Democratic Republic of Congo. The start of oil exports is expected to create an additional source of foreign currency and broaden the country’s export base.
The combination of strong gold receipts and anticipated oil exports could strengthen Uganda’s external position, although the longer-term impact will depend on commodity prices, production levels and the country’s ability to expand exports beyond its dominant revenue sources.