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Uganda says August export revenue up 36 per cent on higher gold earnings

Gold bars in a vault at the United States Mint,22 July 2014.

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Copyright © africanews

Copyright 2017 The Associated Press. All rights reserved.

By Rédaction Africanews

with Reuters

Last updated:

16 hours ago

Uganda

Uganda's Finance Ministry on Thursday said export revenues jumped 36 per cent year-on-year in August,boosted by higher earnings from gold and other commodity shipments.

In a report,it said the country exported goods worth $1.5 billion ​in August,up from $1.1 billion the previous ​year.

Uganda,in recent years,has emerged as a regional hub for the processing of and trading in gold. August’s share for the precious metal was worth $889 million,up 68,9 per cent from last year.

The ministry added that the start of commercial oil production and export will further strengthen Uganda’s foreign exchange earnings.

It expects to begin operations in early 2027 from oil fields in the west of the country near its border with the Democratic Republic of Congo.

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