COVID-19: Uganda's exports decline by 34.3%

Published 2020년 6월 23일

Tridge summary

Uganda's export earnings fell by 34.3% in April 2020, compared to March 2020, due to the COVID-19 pandemic. The country's export earnings amounted to $207.15 million in April, a decrease from $315.52 million in March. Key exports like coffee, cotton, oil re-exports, beans, fish, base metals, and their products experienced significant declines. Importally, China, a major market for Uganda's coffee, was to feature Uganda as the portrait country at this year's Expo, offering increased awareness and market penetration. Imports in April also decreased by 32% compared to the previous month, with both government and private sector imports declining. About 42% of Uganda's tax collection is derived from international trade, and the slowdown in trade due to COVID-19 is expected to negatively impact tax collections for the year.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Cargo trucks. (File photo) Figures released by the Ministry of Finance, Planning and Economic Development indicated a range of export products continue to suffer from the effects of COVID-19. BUSINESS EXPORTS KAMPALA - Uganda's earnings from exports declined by 34.3% in April compared to March 2020 as the coronavirus pandemic disrupts businesses and several supply chains. Figures released by the Ministry of Finance, Planning and Economic Development, indicated a range of export products continue to suffer from the effects of COVID-19.Export earnings hit to $207.15m in April, down from $315.52m in March 2020. Coffee, one of Uganda's leading exports by 19.5%, fetching the country only $36.9m in April from $45.8m in March. COVID-19 lockdowns by governments left several business hubs, hotels and restaurants empty. According to economic experts at PwC: "China is a major market for Uganda coffee and Uganda was to be the portrait country at this year's Expo. This was going to give our ...

Source: UGNewsVision