Uganda August exports rise 36 percent on gold
Uganda reported a 36 percent increase in August export earnings reaching 1.5 billion dollars, driven largely by higher gold shipments. The finance ministry noted that upcoming oil production will further strengthen foreign exchange reserves.
Insights:
Uganda export earnings rose 36% year-on-year to $1.5 billion in August, driven by a surge in gold shipments. The increase compares to $1.1 billion recorded in the same period last year, according to a finance ministry report released on Thursday morning. The growth strengthens the nation's external position as it prepares to launch commercial crude oil production next year.
