Uganda Exports Surge to Shs46 Trillion as Balance of Payments Posts 15-Year High Surplus

Uganda’s exports climbed to $12.79 billion in the year ending November 2025, underscoring a broad-based economic recovery driven by strong foreign investment, resilient domestic demand and stable macroeconomic conditions, according to the Ministry of Finance.

The Permanent Secretary and Secretary to the Treasury, Dr. Ramathan Ggoobi, said exports of goods and services reached $13.4 billion in fiscal year 2024/25, with merchandise exports accounting for $10.6 billion.

Speaking at the third-quarter press briefing, Ggoobi said the strong trade performance helped Uganda register a Balance of Payments surplus of $2.37 billion for the year ending October 2025, reversing a $683 million deficit recorded a year earlier.

“This is the highest surplus in the last 15 years,” Ggoobi said, attributing the improvement to an all-time high financial account surplus of $5.6 billion, supported by robust foreign direct investment and portfolio inflows.

Foreign Direct Investment rose to $3.5 billion, while portfolio inflows reached $1.7 billion in the year ending October 2025. Remittances from Ugandans abroad increased to $1.6 billion in FY 2024/25, up from $1.1 billion in FY 2020/21.

Tourism also rebounded strongly, with earnings reaching $1.7 billion in FY 2024/25, supported by improved security, infrastructure investments and government-led economic diplomacy initiatives, Ggoobi said.

Despite the country entering an election cycle, business confidence has remained firm. As of November 2025, the Business Tendency Index stood at 57.2, above the neutral 50 mark, while the Composite Indicator of Economic Activity rose to 183.5. The Purchasing Managers’ Index edged up to 53.8, signaling continued expansion in private-sector activity.

“I wish to assure Ugandans that the economy remains stable, vibrant and competitive in the short, medium and long term,” Ggoobi said.

Uganda’s economy expanded by 6.3% in FY 2024/25 and is projected to grow between 6.5% and 7% this financial year, with double-digit growth anticipated in the medium term. The size of the economy is expected to reach $68.4 billion (Shs 249.4 trillion) this financial year.

Inflation remained subdued at 3.1% in November and December 2025, a performance Ggoobi described as unusual for an election year. He attributed the stability to increased food production, prudent monetary policy, exchange-rate stability and the government’s direct fuel import program through the Uganda National Oil Company.

The Uganda shilling appreciated by 2.45% in the year ending December 2025, making it one of the world’s most stable currencies, alongside the British pound and the Hong Kong dollar, he added.