Uganda’s export sector has experienced a significant boost in the second quarter of the financial year 2024/2025, registering an impressively robust 12.1% growth compared to the same period in the previous financial year.

The positive figures were announced today, Tuesday, April 8th, 2025, by the Permanent Secretary to the Treasury, Ramathan Ggoobi, during the release of the Fourth Quarter expenditure report at the Ministry of Finance, Planning and Economic Development.

According to Ggoobi, the impressive export growth is primarily driven by increased manufacturing activity and food production, as well as wholesale trade and transport activities.

He highlighted that Uganda’s total exports for the period amounted to USD 2.17 billion, marking a significant rise from the USD 1.93 billion reported in Q2 FY 2023/24.

Adding to the positive economic outlook, Ggoobi proudly stated that “the Uganda shilling gained 6.1% in value during 2024, making it the best-performing currency in Africa.”

Further details revealed a positive trend across various key economic indicators.

“Remittances saw a slight increase, reaching USD 355.60 million in Q2 FY 2024/25, up from USD 351.69 million in the corresponding quarter of the previous year,” Ggoobi noted.

Additionally, Foreign Direct Investment (FDI) saw a substantial increase of 20.6% during the same period.

“On the revenue front, the government had collected UGX 22.379 trillion in domestic revenue by the end of March 2025, slightly below the target of UGX 22.516 trillion,” he added.

He further stated that Uganda’s Gross Domestic Product (GDP) also demonstrated strong performance, growing by 6.7% in the first quarter and 5.3% in the second quarter of FY 2024/25.

“This represents an improvement compared to the growth rates of 5.6% and 5.8% recorded during the same periods in FY 2023/24,” he remarked.

Ggoobi also provided updates on wealth creation funds, stating that UGX 529 billion has been allocated for the Parish Development Model (PDM), UGX 115 billion for the Uganda Development Corporation, and UGX 18 billion for the Uganda Development Bank.

He added that funds for the Emyooga program were released in the first half of the financial year.

“Exports, which rose by 12.1%, accompanied by surging foreign direct investment and the Ugandan shilling outperforming almost all other currencies in Africa, reflect the fundamentals of the economy,” Ggoobi emphasized.

He further explained that the positive fiscal performance, supported by trade, infrastructure development, and an expanding manufacturing sector, indicates a government strategically investing in infrastructure while maintaining social equity.

The figures not only signal recovery but also reflect momentum toward long-term economic transformation. With confidence, he added that through prudent fiscal management and sustained focus on productive sectors, Uganda is well-positioned to sustain this growth trajectory into the next financial year and beyond.