In 2025, the economy of Uganda showcased impressive strength as it achieved total exports of $12.7 Billion – an increase of 33% from the previous year, driven primarily by gold and coffee amidst continuing turmoil in global markets. The export of Gold saw an increase of 75.8% to $5.8 Billion (making it now the largest source of export revenue for Uganda), which is consistent with record-high prices paid for Gold by international buyers associated with geopolitical tension and investor confidence in Gold as a safe investment.
Gold’s Meteoric Rise
Gold has been dominating because gold prices globally have reached nearly $5,000 per ounce, and Uganda has positioned itself as a centre for refining gold in East Africa by refining gold that is imported from neighbouring countries. The increased amount of gold imports into Uganda provides some stability to the Ugandan shilling, increases foreign exchange reserves in Uganda and increases the number of businesses that will expand their tax base through trade activities. Projects such as the output of refined gold from Wagagai Mining, which is expected to start by 2025, will be further realised, though a large percentage of this output will consist of re-exported gold.
Coffee’s Enduring Backbone
Coffee generated $2.4 billion in exports through October 2025, benefiting from strong prices and production, though droughts pose 2026. Employing 70% of the workforce via agriculture, it sustains rural livelihoods and complements gold’s urban, capital-intensive gains. Favourable weather and Brazil’s prior shortages aided volumes, underscoring diversification needs.
Navigating Global Headwinds
Ongoing geopolitical uncertainty has created demand for gold as a safe haven. On the other hand, coffee has also remained relatively unaffected by commodity volatility and will continue to improve the current account deficit when oil imports rise. Once oil production is up and running, Uganda’s oil exports can act as fiscal buffers for financing IVth National Development Plan infrastructure investments and service delivery. Uganda’s strategy of balancing mineral windfalls from oil/gas with agricultural investment will provide sustainable development through economic growth in both sectors simultaneously.
Summary
In 2025, Uganda’s exports hit $12.7B, up 33%, driven by gold surging 75.8% to overtake coffee as the top earner due to high global prices and geopolitical demand. Coffee added $2.4B, supporting rural incomes despite weather risks, bolstering resilience as oil ramps up.
