https://en.sputniknews.africa/20240228/ugandas-trade-surplus-with-drc-reaches-53-million-biggest-in-east-africa-1065301607.html
Uganda's Trade Surplus With DRC Reaches $53 Million, Biggest in East Africa
Uganda's Trade Surplus With DRC Reaches $53 Million, Biggest in East Africa
Sputnik Africa
Uganda's economic activity and business conditions showed improvement, albeit at a slower pace. Annual headline inflation, however, rose to 2.8% from the... 28.02.2024, Sputnik Africa
2024-02-28T17:05+0100
2024-02-28T17:05+0100
2024-02-28T17:21+0100
sub-saharan africa
uganda
democratic republic of the congo (drc)
economy
east african community (eac)
middle east
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Uganda had the largest trade surplus — $53.07 million — with the Democratic Republic of the Congo (DRC) among the East African Community (EAC) nations, according to the January Performance of the economy report of the Uganda’s Ministry of Finance.The DRC was followed by South Sudan with $41.68 million, Rwanda ($23.1 million), and Burundi ($5.25 million).The ministry did, however, disclose deficits of $88.41 million with Tanzania and $12.39 million with Kenya.Furthermore, Uganda's exports to its EAC member nations increased to $231.47 million during the year, while its imports remained at $209.17 million. The EAC remained Uganda's largest export destination, accounting for 37.6 percent of the total market share, followed by the EU and the Middle East. Uganda, though, has a trade deficit of $267.64 million with Asia, $118.15 million with the rest of Africa, and $6.64 million with Europe.Uganda's overall exports in December 2023 amounted to $616.36 million, an increase of 0.2% from the $615.05 million in November the previous year. This growth was mainly attributed to higher export revenues from simsim (sesame), tobacco, and cotton. Coffee exports decreased by 6.7% to $65.94 million compared to November 2023, as heavy rains delayed harvesting and drying of newly harvested beans.In December 2023, imports decreased by 3.1% from $914.7 million in November to $886.24 million. This fall was mainly driven by lower private sector imports, specifically of wood and wood products, electricity, petroleum products, animals, and animal products.Asia continued to be Uganda's greatest source of imports, accounting for 41.2% of the country's total imports, with China and India being the biggest suppliers, accounting for 61.9% of the region's imports.Other notable regions were EAC, the rest of Africa, and the Middle East with shares of 23.6%, 15.1%, and 10.2%, respectively.Despite increased trade with some countries, the Ugandan economy still lacks the capacity to pay off its debts. Uganda plans to borrow just over $3.3 billion from domestic and external markets to finance the budget and projects in fiscal year 2024/25, an increase of about 31% from the planned borrowing of about $2.5 billion in fiscal year 2023/24.
https://en.sputniknews.africa/20240221/uganda-to-borrow-33-billion-for-next-fy-over-30-increase-from-last-year-1065185600.html
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uganda, democratic republic of the congo (drc), economy, east african community (eac), middle east, asia, europe, trade, import, export
Uganda's Trade Surplus With DRC Reaches $53 Million, Biggest in East Africa
17:05 28.02.2024 (Updated: 17:21 28.02.2024) Uganda's economic activity and business conditions showed improvement, albeit at a slower pace. Annual headline inflation, however, rose to 2.8% from the previous month, mainly due to the growth in the prices of liquid fuels, services, and food crops, the government said.
Uganda had the largest trade surplus — $53.07 million — with the Democratic Republic of the Congo (DRC) among the East African Community (EAC) nations, according to the January
Performance of the economy report of the Uganda’s Ministry of Finance.
"Among the EAC Partner States, the DRC received the largest share of Uganda’s exports, constituting 24.2% of the total exports to the region," the report said.
The DRC was followed by South Sudan with $41.68 million,
Rwanda ($23.1 million), and Burundi ($5.25 million).
The ministry did, however, disclose deficits of $88.41 million with
Tanzania and $12.39 million with Kenya.
Furthermore, Uganda's exports to its
EAC member nations increased to $231.47 million during the year, while its imports remained at $209.17 million.
The EAC remained Uganda's largest export destination, accounting for 37.6 percent of the total market share, followed by the EU and the
Middle East. Uganda, though, has a trade deficit of $267.64 million with Asia, $118.15 million with the rest of Africa, and $6.64 million with Europe.
Uganda's overall exports in December 2023 amounted to $616.36 million, an increase of 0.2% from the $615.05 million in November the previous year. This growth was mainly attributed to higher export revenues from simsim (sesame),
tobacco, and cotton.
Coffee exports decreased by 6.7% to $65.94 million compared to November 2023, as heavy rains delayed harvesting and drying of newly harvested beans.
In December 2023, imports decreased by 3.1% from $914.7 million in November to $886.24 million. This fall was mainly driven by lower private sector imports, specifically of wood and wood products, electricity, petroleum products,
animals, and animal products.
Asia continued to be Uganda's greatest source of imports, accounting for 41.2% of the country's total imports, with
China and India being the biggest suppliers, accounting for 61.9% of the region's imports.
Other notable regions were EAC, the rest of Africa, and the Middle East with shares of 23.6%, 15.1%, and 10.2%, respectively.
Despite increased trade with some countries, the Ugandan economy still lacks the capacity to pay off its debts. Uganda plans to borrow just over $3.3 billion from domestic and external markets to finance the budget and projects in fiscal year 2024/25, an increase of about 31% from the planned borrowing of about $2.5 billion in fiscal year 2023/24.
