Uganda’s export earnings remained on a strong growth path, with exports of goods and services reaching USD 13.4 billion (UGX 48.2 trillion) in the financial year 2024/25, of which USD 10.6 billion (UGX 38.2 trillion) was earned from exports of goods alone, the Permanent Secretary and Secretary to the Treasury (PSST) Ramathan Ggoobi, has said.
Ggoobi further noted that for the 12 months ending November 2025, exports of goods stood at USD 12.79 billion (UGX 46 trillion), highlighting the resilience of Uganda’s external sector despite a challenging global economic environment. He made the remarks during the Quarter Three Press Briefing for FY2025/26.
On the country’s external position, the PSST revealed that Uganda recorded a Balance of Payments (BOP) surplus of USD 2.37 billion (UGX 8.5 trillion) for the year ending October 2025, a significant turnaround from a deficit of USD 683 million (UGX 2.46 trillion) recorded a year earlier.
He described the performance as the strongest in the past 15 years.
“This is the highest BOP surplus recorded in the last 15 years. The surplus is largely on account of an all-time high financial account surplus of USD 5.6 billion (UGX 20.2 trillion), driven by strong performance of foreign direct investment and portfolio inflows,” Ggoobi said.
According to the PSST, foreign direct investment (FDI) increased to USD 3.5 billion (UGX 12.6 trillion) for the year ending October 2025, while portfolio inflows amounted to USD 1.7 billion (UGX 6.1 trillion) over the same period.
He also highlighted the growing contribution of Ugandans in the diaspora, noting that remittances reached USD 1.6 billion (UGX 5.76 trillion) in FY2024/25, up from USD 1.1 billion (UGX 4.0 trillion) in FY2020/21.
Tourism continued to recover strongly, with earnings reaching USD 1.7 billion (UGX 6.1 trillion) in FY2024/25. Ggoobi attributed the rebound to sustained peace, improved competitiveness of Uganda’s tourism industry, increased government investment in strategic tourism infrastructure, and the positive impact of economic and commercial diplomacy initiatives.
“This impressive growth is attributed to sustainable peace, increased competitiveness of Uganda’s tourism industry, government investment in strategic tourism infrastructure and the impact of our economic and commercial diplomacy interventions,” he said.
Despite the economy heading into an election year, Ggoobi said business confidence has remained resilient. As of November 2025, the Business Tendency Index (BTI) stood at 57.2, above the 50-point optimism threshold.
The Composite Indicator of Economic Activity (CIEA) rose by 0.6 points to 183.50, while the Purchasing Managers’ Index (PMI) increased slightly to 53.8, also above the 50 mark, signalling continued expansion in private sector activity.
Ggoobi added that the indicators reflect sustained optimism among business executives and point to a resilient economy supported by strong export performance, robust capital inflows and improving investor sentiment.
