Uganda’s formal private sector import bill surged by 43.5 per cent to $2.28 billion in August 2026, up from $1.59 billion in July, driven largely by increased imports of mineral products, petroleum, machinery and industrial inputs.
The sharp increase widened the country’s trade deficit and raised demand for foreign exchange, potentially putting pressure on the Uganda shilling, according to the Uganda Development Bank’s (UDB) September 2026 Macroeconomic Digest.
The report shows that imports of mineral products, excluding petroleum, more than doubled from $567.77 million in July to $1.16 billion in August, making them the biggest contributor to the increase.
Mineral products accounted for 50.8 per cent of Uganda’s formal private sector import bill during the month, underlining the country’s continued dependence on imported industrial and other essential inputs.
Petroleum imports also increased by 21.9 per cent, from $200.70 million to $244.59 million, adding to the country’s foreign exchange requirements for fuel purchases.
Imports of machinery, equipment, vehicles and accessories rose by 3.7 per cent, from $286.64 million in July to $297.20 million in August, reflecting increased expenditure on capital goods and equipment.
The increase was also reflected in other import categories. Chemicals and related products rose by 30.1 per cent, from $93.01 million to $120.99 million, while plastics, rubber and related products increased by 16.7 per cent, from $72.02 million to $84.05 million.
Textile imports grew by 13.2 per cent, from $28.32 million to $32.07 million, while wood and wood products recorded a 39.2 per cent increase, from $16.76 million to $23.33 million.
Imports of prepared foodstuffs, beverages and tobacco edged up by 3.6 per cent, from $44.55 million to $46.17 million. Animal product imports also increased by 39.3 per cent, from $7.21 million to $10.04 million.
However, some import categories registered declines. Base-metal imports fell by 7.7 per cent, from $110.24 million in July to $101.76 million in August, while miscellaneous manufactured articles declined by 1.5 per cent, from $54.32 million to $53.52 million.
Electricity imports dropped by 39.8 per cent, from $410,000 to $250,000, although their contribution to the overall import bill remained negligible.
Imports of vegetable products, animal products, beverages, fats and oils remained broadly stable, rising marginally by 0.1 per cent, from $108.73 million to $108.85 million.
Mixed export performance
On the export side, Uganda recorded mixed performance across selected agricultural commodities, with coffee retaining its position as the country’s leading agricultural export earner despite a decline in earnings.
Coffee export revenues fell by 10.99 per cent, from $204.08 million in July to $181.65 million in August. The decline followed a 12.86 per cent reduction in export volumes, from 846,686 to 737,766 bags of 60 kilogrammes each.
According to the report, the smaller decline in earnings compared with export volumes suggests that higher average export prices partly cushioned the impact of reduced shipments.
Cotton recorded a steeper decline, with export revenues dropping by 59.51 per cent, from $1.80 million to $730,000. Export volumes also fell by 59.67 per cent, from 6,376.90 to 2,571.60 bales, each weighing 185 kilogrammes.
Tea export earnings declined by 9.81 per cent, from $5.43 million in July to $4.90 million in August, following a 14.28 per cent reduction in export volumes, from 5,966.63 tonnes to 5,114.41 tonnes.
Fish and fish-product exports, excluding regional markets, provided some relief, with earnings increasing by 14.38 per cent, from $10.02 million to $11.46 million.
The improvement was supported by a 6.72 per cent increase in export volumes, from 1,274.14 tonnes to 1,359.79 tonnes, alongside higher average export prices.
Maize exports also performed better, with earnings rising by 13.91 per cent, from $11.68 million in July to $13.30 million in August.
Export volumes increased by 6.14 per cent, from 19,625.12 tonnes to 20,831 tonnes, while higher average prices further boosted earnings.
However, simsim exports registered a sharp decline, with earnings falling by 38.53 per cent, from $1.20 million to $740,000. Export volumes dropped by 48.22 per cent, from 773.40 tonnes to 400.43 tonnes, although higher average prices partly cushioned the decline.
Bean export earnings also fell by 25.75 per cent, from $4.87 million in July to $3.61 million in August. This was largely driven by a 28.58 per cent decline in export volumes, from 6,141.04 tonnes to 4,386.23 tonnes, with higher average prices providing some relief.
The figures highlight the uneven performance of Uganda’s export sector, with gains in fish and maize exports failing to offset declines in some of the country’s traditional agricultural export commodities.
