Uganda earns over $634 million in exports for March
Uganda in March 2024, received $634.43m in earnings after it exported some of its valuable merchandise to the global market.
This analysis discloses a 0.2% higher earning against February which saw the country make $633.0 million for export revenue.
According to a report from Uganda's finance ministry posted on X on Tuesday, May 21, 2024, the increase in export revenue was due to the increase in the preference for tobacco, simsim (sesame), hides and skins as well as gold.
"The merchandise exports increased to USD 634.43 million in March 2024 from USD 633.0 million in Feb.2024.This was mainly due to a rise in export receipts from tobacco, simsim (sesame), hides & skins and gold," the finance ministry wrote on X.
Additionally, the ministry explained the increase was also attributed to investor confidence in Ugnada's business environment, especially in the manufacturing sector.
"Investors were more optimistic about the business environment, especially in the manufacturing & wholesale trade sectors. This is shown by the Business Tendency Index which remained above the 50-mark threshold increasing to 55.57 in April 2024 from 55.54 the previous month," the ministry added.
The tides seem to be turning in favour of the Ugandan economy as it has experienced magnificent successes this year.
For the first time in history, Uganda has joined other countries like Rwanda and Tanzania to graduate from the UN's Least Developed Countries status after meeting the laid down criteria.
According to the United Nations, Uganda and the aforementioned countries will be assessed again in 2027 and if they meet the criteria, they will be graduated.
“The Committee found that Rwanda, Uganda and the United Republic of Tanzania fulfilled the criteria for graduation for the first time. These countries will be considered for graduation at the next triennial review in 2027,” the report said.
