Uganda’s Gold Exports Hit Shs3 Trillion in May

KAMPALA: Uganda exported gold worth about Shs3 trillion ($814.78 million) in May, helping the Middle East remain the country’s largest export market as demand from the United Arab Emirates (UAE) continued to underpin trade, the finance ministry said.

The Ministry of Finance’s latest Performance of the Economy Report, citing Bank of Uganda data, said gold remained Uganda’s biggest export, while the Middle East accounted for 49.4% of the country’s merchandise export earnings during the month.

“The Middle East remained Uganda’s largest export destination in May 2026, accounting for 49.4 percent of the total export earnings during the month. Within this region, the United Arab Emirates (UAE) took up the largest share of exports to this region,” the report said.

Gold exports earned Uganda $814.78 million (about Shs3 trillion) in May, accounting for more than 60% of the country’s total merchandise export earnings and reinforcing the metal’s position ahead of coffee as Uganda’s top foreign exchange earner.

The strong performance has reshaped Uganda’s export markets, with the Middle East overtaking the East African Community (EAC) as the country’s leading export destination.

The EAC accounted for 21.1% of Uganda’s exports in May, followed by Asia with 15.8%. The European Union’s share fell to 8.2%, down from 19.2% in the same month last year.

The UAE has become Uganda’s most important export destination in recent years as Dubai strengthened its role as a global gold trading hub. Uganda exports both domestically mined gold and refined gold sourced from the wider region.

Despite the growing importance of the Middle East, neighbouring countries remained key markets for Uganda’s agricultural produce and manufactured goods.

Uganda exported goods worth $284.32 million (about Shs1.05 trillion) to EAC partner states in May, with 24.5% of those exports conducted through informal cross-border trade.

“Of the total exports to the EAC (USD 284.32 million) during May 2026, 24.5 percent were through Informal Cross Border Trade (ICBT), largely constituted by agricultural commodities and industrial products,” the report said.

The latest figures underscore how gold has transformed Uganda’s export sector.

While regional markets remain crucial for food and manufactured exports, strong demand for gold from the UAE has made the Middle East Uganda’s largest export market and a major source of foreign exchange, helping support the country’s external position.