Uganda’s export earnings increased for a second consecutive month to $ 337.19 million in June 2020 from $290.93 million in May 2020, as the country tries to overcome the effects of the recent lock-down as a measure to curb the spread of COVID-19.
Imports value also increased to $ 543.6 million in June from $ 435.6 million in May 2020 this is according to the July 2020 performance of the Economy report.
According to the report, as the country continued to ease measures put in place to prevent the proliferation of COVID19, there was an improvement in economic activity and international trade.
The report also indicated that the Uganda shilling continued to strengthen against the US Dollar in July 2020, registering an appreciation of 0.9 per cent on account of increased inflows amidst subdued demand.
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Due to an increase in annual core inflation which rose to 5.8 per cent from 4.9 per cent recorded in June 2020, the annual headline inflation rose to 4.7% from 4.1% in June 2020.
The lending rates for foreign currency-denominated credit increased to 5.5per cent in June 2020 from 4.2 per cent the previous month while the lending rates for shilling denominated credit rose to 19.3 per cent in June 2020 from 18.8 per cent recorded May.
In the fiscal sector, the overall fiscal deficit amounted to about $469.1 million in July which was lower than the programmed deficit of about $623.3 million. This lower deficit was due to less expenditure during the month coupled with higher revenue collections.
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Domestic revenue collections amounted to about 327.06 million against the target of about $278.34 million for the month registering a surplus of about $48.7 million in July.
The country’s government expenditure amounted to about $813.5million in July 2020, 13.6% lower than what was budgeted for the month.
Uganda mainly exports Coffee, tea, spices, Fish, Dairy, eggs, honey, Cocoa, Live trees, plants, cut flowers, Tobacco, Oilseeds, Wood, Sugar, sugar confectionery and Cotton.
In 2019, Uganda exported goods worth about $1.3 billion worth of goods around the globe.