Uganda gold exports surge 68.9% in August 2026

Uganda's total merchandise exports reached $1.5 billion in August 2026, marking a 36% increase compared to $1.1 billion in August 2025. This growth was primarily driven by gold exports, which rose by 68.9% year-on-year to reach $889 million. Gold accounted for approximately 59% of the country's total export value during this period.

The surge highlights Uganda's evolving role as a regional hub for the processing and trading of precious metals. Much of the gold exported is not produced domestically but is imported from neighboring countries, including the Democratic Republic of the Congo and South Sudan, for refining or re-export. High international gold prices, driven by geopolitical tensions and demand for safe-haven assets, have further bolstered these revenues.

While gold exports provide significant foreign exchange, the country's trade balance remains under pressure. In July 2026, despite a 10.1% increase in exports, imports rose by 25.4%, resulting in a trade deficit of $210 million. Looking ahead, Uganda aims to diversify its revenue streams through the planned commencement of commercial crude oil production in early 2027.