Latest Update On Ugandan Economy

Thursday, December 23, 2010
By ugandansabroad

New data from the central bank shows that Uganda reduced its trade deficit by 35 percent in October, as the country increased its coffee exports.  Exports rose to $187 million USD, and imports decreased to $334 million, Bloomberg Business Week reported.

Uganda had $2.72 billion USD in foreign reserves at the end of October, and the Central Bank sold $60 million in USD to help the shilling appreciate.

In the fiscal year through next June, Uganda’s economy is expected to grow between 6 and 7 percent, due partly to the recovery in the coffee industry.  GDP is then expected to grow by 10 to 12 percent between the 2010-2011 fiscal year, according to the Finance Minister.  4.6 percent of the country’s GDP comes from foreign aid, according to the World Bank.

Coffee is Uganda’s top export.  Between October and November, Uganda’s export of coffee went up 42 percent on the international market, or 266,726 bags shipped in November, up from 188,012 bags the month before.  The positive trend comes from strong performances in Arabica coffee.  Exports of Arabica coffee have almost doubled in the past two years, the Daily Monitor reported.

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