12 °c
London
Monday, June 27, 2022
No Result
View All Result
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
No Result
View All Result
FurtherAfrica
No Result
View All Result
Home Africa

Uganda’s trade deficit and exports in 2020

The Exchange by The Exchange
September 28, 2020
in Africa, Economy, Export, Import, Report, Trade, Uganda
Reading Time: 2 mins read
887 67
0
Uganda’s trade deficit and exports in 2020
Share via QRWhatsappShare on FacebookShare on TwitterLinkedInPinteresteMail

Uganda’s trade deficit dropped against the European Union in July as imports of merchandises grew faster than the exports to the same region.

In April 2020, both imports and exports dropped sharply, being the first month of the lockdown as a measure to prevent the spread of the pandemic.

After the aviation sector was closed down, exports of fresh foods were greatly affected before a handful of cargo planes started operating at Entebbe and Jomo Kenyatta International Airports. Despite this, dry commodities like coffee and gold continued blossoming.

As the economy opened up due to relaxation of COVID-19 measures, trade with all regions started growing. In June, Uganda recorded a commodity trade surplus against the European Union of US$0.5M and US$124M against the Middle East.

According to the latest Economic Performance Report for August, the total merchandise trade deficit amounted to US$185.44M in July 2020 which was 17.6 per cent lower than the US$225.02M recorded in July 2019.

in July 2020, the value of export receipts amounted to US$419.60M which is an increase from US$322.05M recorded in the same month last year. The value of imports increased by 10.1 per cent to US$605.04M in the same period. The increase in both exports and imports is credited to the increasing level of economic activities.

According to a report by Business Tendency Index which is based on the perceptions of executives on the economy, sentiments about doing business in Uganda were less pessimistic in August compared to April.

Also read: Rwanda, Uganda and Tanzania single stock market

Improvements in business operations were shown by the Purchasing Managers Index which continued to rise above the 50-point mark.

The July 2020 deficit is also higher than the US$86M that was recorded in June. The report noted that during this period, however, the country recorded merchandise trade deficits against all regions except the Middle East where it had a surplus of US$189M.

Uganda’s biggest export destination continues to be the Middle East accounting for 53.7 per cent up from July last year when the region took a third of Uganda’s exports. Uganda’s exports to the United Arab Emirates are mostly gold and a smaller amount of marine foods.

Trade with East Africa followed with a decrease of 19.4 per cent from per cent while exports to the rest of Africa fell by half to just over 10 per cent of the total export value.

Original article on The Exchange

Related

Tags: Business Tendency IndexEconomic Performance ReportEuropean UnionexportimportPurchasing Managers' IndexTradetrade deficitUgandaUganda’s trade deficit and exports in 2020угандаأوغنداウガンダ烏干達
ScanSendShare382Tweet239Share67Pin86Send
The Exchange

The Exchange

News analysis and comment from the The Exchange, a leading publication providing economic news and analysis on the capital markets of Africa, with a specific interest in Kenya, Uganda, Tanzania, Rwanda, Burundi, Ethiopia and Congo. We provide features in banking, capital markets, energy, mining, manufacturing and industrial development.

Related Posts

Venture Capital

Nigeria edtech startup Kibo Schoo raises US$2M

by TechGist Africa
June 27, 2022
Agriculture

Global Center on Adaptation to help Ethiopia small farmers adapt to climate and food security

by Farmers Review Africa
June 27, 2022
Angola TAAG to open Luanda-Madrid route
Travel

Angola TAAG to open Luanda-Madrid route

by FurtherAfrica
June 26, 2022
Economy

Zimbabwe plans triple-digit interest rate hike to tame inflation

by FurtherAfrica
June 26, 2022
Economy

World Bank forecast Mozambique average growth at 5.7% in 2022-2024

by FurtherAfrica
June 26, 2022
Angola Oil & Gas 2022
 
AFSIC 2022
 
Great Limpopo Transfrontier Park
 
MozParks

Translate this page

Read the Latest

Venture Capital

Nigeria edtech startup Kibo Schoo raises US$2M

by TechGist Africa
June 27, 2022
0

Nigerian edtech startup Kibo School has raised a $2 million seed round led by Neo, a VC firm founded by...

Read more

Global Center on Adaptation to help Ethiopia small farmers adapt to climate and food security

June 27, 2022
Angola TAAG to open Luanda-Madrid route

Angola TAAG to open Luanda-Madrid route

June 26, 2022

Zimbabwe plans triple-digit interest rate hike to tame inflation

June 26, 2022

World Bank forecast Mozambique average growth at 5.7% in 2022-2024

June 26, 2022

FurtherAfrica Partners Network

The Exchange Club of Mozambique Taarifa Rwanda
TechGist Africa Africa Oil & Power Farmers Review Africa
Tanzania Invest Zambia Invest See Africa Today
Africa Global Funds Novafrica CrudeMix Africa
Harambee Africa Botswana unplugged Financial Insights Zambia
Digilogic Africa Web3Africa

Subscribe to FurtherAfrica

Enter your email address to receive new articles on your email.

Join 73,051 other subscribers.

FurtherAfrica

© 2021 FurtherMarkets

FurtherAfrica is a FurtherMarkets Limited platform

  • Countries
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

Follow Us

No Result
View All Result
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

© 2021 FurtherMarkets

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?