Uganda's merchandise export earnings surged by 77.6% in January 2026 compared to the previous year. According to the finance ministry, the country earned $1.5 billion from goods shipped abroad. This figure had been just $844.6 million in January 2025. The remarkable growth was primarily driven by soaring revenues from gold and coffee exports. These two commodities alone accounted for over 74% of total export earnings.
Gold exports recorded the most significant growth during this period. Earnings from gold increased by 182.2%, rising from $323.8 million to $913.9 million. Higher export volumes and rising global prices both contributed to this substantial gain. Meanwhile, coffee export earnings rose modestly to $161 million from $156.5 million. Italy, Germany, and Sudan were the major destinations for Uganda's coffee.
Uganda's broader economic indicators have also been encouraging in recent months. The economy expanded by 8.5% in the second quarter of the financial year. Business confidence strengthened, with the Purchasing Managers' Index rising to 54.2 in February. Inflation eased to 2.9%, providing further relief to consumers and businesses. The Middle East emerged as Uganda's leading export destination, absorbing nearly 49% of shipments.
Despite these impressive figures, analysts have urged caution regarding Uganda's heavy commodity concentration. Had the country diversified its export base earlier, it would have been less vulnerable. The finance ministry itself acknowledged the need to add value and broaden exports. Overreliance on gold and coffee poses risks if global prices decline or geopolitical disruptions occur. Sustainable growth will ultimately require strategic investment in higher-value industries.