Summary:
- In November 2024, the government raised a total of UGX 1,080.7 billion through the issuance of treasury instruments.
KAMPALA: According to the Performance of the Economy Report for November 2024, economic activity in Uganda continued to improve, as evidenced by high-frequency indicators such as the Composite Index of Economic Activity (CIEA) and the Purchasing Managers’ Index (PMI).
Similarly, business perceptions remained optimistic, as reflected by the Business Tendency Index (BTI). The BTI rose to 59.63 in November 2024, up from 57.99 in October, driven by consistent higher consumer demand within the business community.
Inflation and Exchange Rate Trends:
Annual headline inflation in November 2024 remained stable at 2.9%, the same rate recorded in October.
This stability is attributed to declining prices of transport services, in-patient care services, and liquid fuels (petrol and diesel), which offset the rising prices of food items such as milk and Irish potatoes.
The Ugandan Shilling maintained its appreciating trend, which began in March 2024.
Government Revenue and Treasury Instruments:
In November 2024, the government raised a total of UGX 1,080.7 billion through the issuance of treasury instruments. This included UGX 414.8 billion from Treasury Bills (T-Bills) and UGX 665.8 billion from Treasury Bonds (T-Bonds).
Export Performance:
On an annual basis, Uganda’s export earnings grew by 9.5%, from USD 680.51 million in October 2023 to USD 744.86 million in October 2024. This growth was primarily driven by increased earnings from coffee, which rose by 76.1%, and mineral products, which grew by 21.5%.
Monthly export earnings also recorded growth, increasing by 9.1% in October 2024 to USD 744.86 million, up from USD 682.69 million in September 2024. This rise was fueled by higher earnings from mineral products, tea, tobacco, fish, and related products.
Key Export and Import Partners:
The Middle East emerged as the leading destination for Uganda’s exports, accounting for 38.3% of total exports in October 2024. Within the region, the United Arab Emirates accounted for 97.8% of Uganda’s exports.
On the import side, Asia remained Uganda’s largest source, accounting for 43.9% of total imports. Within Asia, China, India, and Japan were the leading sources, contributing 51.3%, 24.7%, and 9.0% of Uganda’s imports from the region, respectively.
