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In the economy performance report that was released by the Ministry of Finance over the weekend, it is indicated that earnings from maize exports grew from $6.76 million in January 2022 to $35.01 million in January 2023, and coffee export earnings increased by 13.1 per cent.
This growth resulted in an increase in the value of exports from $371.81 million in January 2022 to $404.46 million.
This performance has been attributed to a number of factors.
The increase in maize exports is largely attributed to trade relief measures in Uganda's neighbours. These include the easing of tariff barriers in Kenya and the opening of the Uganda-Rwanda border.
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The growth recorded in the coffee sector is attributed to Uganda's standup production to meet the reduced supply from major coffee exporting countries like Vietnam and Brazil.
Other commodities that have boosted export earnings include tea and tobacco.
Exports destinations
The report indicates that the East Africa Community is the leading destination for Uganda's exports accounting for 63 percent.
Among the countries in the region, Kenya takes up 36.3 percent of Uganda's exports, South Sudan takes 23.5 percent, and DR Congo takes 20.3 percent.
Imports performance
The value of the import bill increased by 11.3 per cent in January 2023 due to the high volume of imports through the private sector which accelerated economic activity. These imports included electricity, beverages, tobacco, animals and animal products, and processed foodstuffs.
Asia accounted for the largest source of imports in January making up 47.7 per cent. China and India contributed 70.1 per cent, the Middle East accounted for 21.4 per cent and EAC accounted for 14.1 per cent.
In EAC, Kenya's imports into Uganda accounted for 78.8 percent, Tanzania 11.4 per cent, and DR Congo 6.5 per cent.