Kenya is Uganda's leading export market, data released by President Yoweri Museveni on Thursday revealed.
In the financial year up to October 2023, the East African Community (EAC) accounted for 43.5% of Uganda's export market.
Exports to Kenya from Uganda were 31.5% of the total goods Uganda sold to the EAC. The Democratic Republic of Congo (DRC) followed at 24.6% and South Sudan 23.3%.
Museveni, in a televised address in the capital Kampala, said Uganda traded at a surplus of $716 million with the EAC countries, meaning Uganda exported more to EAC member states than it imported from the bloc.
$6.5 billion worth of total exports
Museveni, however, noted that his country's exports to Kenya and Tanzania were less in value than the commodities Uganda imported from the two neighouring nations respectively.
In the highlighted financial year, Uganda exported commodities worth $890 million to Kenya, $696 million to DRC, $659 million to South Sudan, $298 million to Rwanda, $213 million to Tanzania, and $72 million to Burundi.
Uganda, which sold commodities worth $6.5 billion to the foreign market, exported a total of $2.8 billion to the EAC member nations, Museveni said.
Uganda exported goods worth $1.2 billion to the Middle East, $1.14 billion to Asia, and $860 million to Europe.
'More work needed'
In the Common Market for Eastern and Southern Africa (COMESA) region, Uganda exported goods worth $2.3 billion.
The president revealed that Uganda imported more from the Middle East than it exported to the region, placing the trade deficit at $2.8 billion.
Museveni said more work was needed to boost Uganda's trading outlook, stating that the country's export fraction was 0.003% of the world's export figures.
The head of state also said that diaspora remittances to Uganda rose to $1.4 billion in the year under review, compared to the preceding financial year, when it was $1.1 billion.
More jobs
Museveni also said formal jobs increased to 1.6 million, from 1.4 million the previous year.
The president added that the foreign direct investment (FDI) had also increased by 68%.
According to Trading Economics, 80% of Uganda's exports are agricultural products. The country's main export commodities are coffee (22% of total exports) followed by tea, cotton, copper, oil and fish.
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