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· Uganda’s export to the Middle East picked up considerably in the previous fiscal year ended in July, according to data released by Bank of Uganda. It was more than any other African country
· The Central Bank said that for the seven-months ending July, export receipts were recorded at US$2.5b (Shs9.1 trillion) with US$779.8m (Shs2.8 trillion) of the total coming from the Middle East alone
· United Arab Emirates was the foremost destination, which contributed US$758.95m while Saudi Arabia contributed US$2.78m and Israel clocking at US$10.15m
Uganda’s export to the Middle East picked up considerably in the previous fiscal year ended in July, according to data released by Bank of Uganda. It was more than any other African country. The Central Bank said that for the seven-months ending July, export receipts were recorded at US$2.5b (Shs9.1 trillion) with US$779.8m (Shs2.8 trillion) of the total coming from the Middle East alone. The United Arab Emirates was the foremost destination, which contributed US$758.95m while Saudi Arabia contributed US$2.78m and Israel clocking at US$10.15m.
Coming close to the Middle East, was Comesa from which Uganda earned US$708m (Shs2.5 trillion) in the period while the EU regarded as one of Uganda’s major traditional export destinations, recorded US$287.8m (Shs1 trillion).
The European Union and Comesa were for long been leading destinations. Now, the Middle East has emerged as the hot destination for exports. This is mostly because of the growing gold exports, especially to the United Arab Emirates. The export receipt from gold f to Uganda stood at US$834m (Shs3 trillion), becoming Uganda’s leading foreign exchange earner. The report also indicates that export receipts from the Comesa region stood at US$340m (Shs1.2 trillion) in the period with the leading market being DR Congo. Exports to Democratic Republic of Congo fetched US$140 million (Shs511b). There are exports taking place through informal routes also, which fetched Uganda US$200 million (Shs730b).
Exports to Kenya fetched US$286.2m (Shs1 trillion) while South Sudan earned Uganda US$217.5m (Shs793b). Export receipts from Rwanda were lower than in the same period last year, fetching only US$37m (Shs124b).
Border woes have been the major reason for declining exports to that destination, which is being sorted out now. Exports to the European Union, in particular to Italy, Netherlands, Belgium and Germany, earned Uganda US$287.8m (Shs1b) in the period for the seven months leading to July.
