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In October 2023, Uganda experienced an 8.96% increase in merchandise exports, reaching $688.69 million. The rise was attributed to higher earnings from various sectors. Imports decreased by 5%, mainly due to lower private sector imports.

Uganda exported merchandise worth $688.69m (about sh2.5 trillion) in October 2023, the Ministry of Finance said on Thursday.

It said in its performance of the economy report for November 2023 that this represented an 8.96% increase in comparison to $632.06m (about sh2.3 trillion) exported in September.

“This increase was majorly attributed to higher export earnings from gold, tobacco, maize, simsim, tea, fish and its products, hides and skins, electricity and oil re-exports,” the ministry said.

The value of merchandise imported reduced by 5.0% from $925.58m in September to $879.27m in October.

“This reduction was largely attributed to lower private sector imports, particularly petroleum products, machinery equipment, vehicles and accessories, among others,” it said.

It said overall, economic activity as well as prospects about business conditions continued to improve.

The ministry added that sentiments about doing business in Uganda continued to be positive.

On December 5, 2023, the permanent secretary of the ministry of finance, Dr Ramathan Ggoobi, said Uganda’s economy was fast expanding to take full advantage of the equally fast-expanding regional market.

 He made the remarks while delivering a keynote address at the 7th Economic Summit at Kampala Serena Hotel.

 The East African Community is currently home to 174 million people and the combined gross domestic product (GDP) of the region is about $163.4b (at purchasing power parity, about $473b).

Its average GDP per capita is about $941 (at purchasing power parity, $2,722).

Ggoobi said the Uganda shilling had remained relatively stable against the dollar and other major currencies.

“Exports of goods and services have grown to $6.2b by September 2023, a growth rate of 49%. Tourism receipts have also recovered to $1.07b (sh4 trillion), remittances by Ugandans working abroad have increased to $1.4b (about sh5.2 trillion) while foreign direct investment has increased to the tune of $2.8 billion (about sh10.5 trillion),” he said.

He also said Uganda is slowly turning into a land of inexhaustible opportunities. “The economy is fast expanding to take full advantage of the equally fast expanding regional market,” he said.

The permanent secretary urged all Ugandans to think like economists.

“Countries take off when a bigger majority of their citizens start thinking like economists. How? Everything we do affects everything else, hence we can only succeed if we develop the discipline of embracing trade-offs. People only respond to incentives or danger, nothing else. Any action can bring with it significant unintended consequences,” he said.

 He also said the Government is keen on turning challenges and uncertainties into opportunities to improve the lives of Ugandans.

Ggoobi noted that keeping the macroeconomy stable tops the economic goals in addition to accelerating monetization of the economy to achieve socio-economic transformation.

“The Government has arrested inflation, keeping it below the target of 5%,” he said, adding that the economy has expanded to a GDP of $50b (about sh185 trillion) as at June 2023. He added that this is projected to expand further to $55b by June 2024