By: Chimp report

Uganda earned a total of USD 1.91 billion from gold exports in the first five months of 2025, reaffirming the precious metal’s position as the country’s top foreign exchange earner.

According to data from the Ministry of Finance, monthly gold export revenues steadily rose between January and May 2025, reflecting sustained global demand and increasing volumes traded through formal channels.

In January 2025, gold exports brought in USD 318.71 million.

This figure rose consistently each month—reaching USD 385.08 million in March, USD 382.06 million in April, and peaking at USD 485.83 million in May.

February saw a brief dip to USD 318.71 million, but the upward trend resumed immediately after.

UAE is the leading destination for Uganda’s gold exports. Exports, most of which was gold, to UAE in May 2025 amounted to $411m.

This has made gold the single largest contributor to the country’s total merchandise exports, which stood at USD 1,198.86 million in May 2025, a 36.8% jump from USD 876.40 million in the same month the previous year.

Officials said the consistent growth contributed significantly to Uganda’s merchandise export earnings, which stood at USD 1.2 billion in May alone.

Gold accounted for over 40% of total formal non-coffee exports for the month.

Total Monthly Gold Export Earnings (2025):

• January: USD 318.71 million
• February: USD 318.71 million
• March: USD 385.08 million
• April: USD 382.06 million
• May: USD 485.83 million
• Total (Jan–May): USD 1.91 billion

Background: Gold’s Strategic Role in Uganda’s Export Profile

Gold has become a key pillar of Uganda’s external sector over the last decade.

The sector’s growth was catalyzed by the establishment of gold refineries, such as the African Gold Refinery in Entebbe, and improved re-export infrastructure.

Uganda acts not only as an exporter of domestically mined gold—particularly from Mubende, Karamoja, and Buhweju—but also as a regional hub for gold originating from conflict-prone but mineral-rich neighbors like the Democratic Republic of Congo (DRC) and South Sudan.

Truman Musinguzi, a business analyst, said, “While Uganda’s gold export figures have previously drawn international scrutiny over traceability and smuggling concerns, recent efforts to enforce licensing regimes and strengthen oversight by the Uganda Revenue Authority (URA) appear to be yielding results.”

With nearly USD 2 billion earned from gold exports in just five months, the sector is poised to surpass its previous annual performance if current trends continue.

Government officials and sector analysts are calling for enhanced value addition, especially through domestic refining and formalization of artisanal mining operations.

The Ministry of Energy and Mineral Development has also indicated plans to expand geological surveys and tighten export documentation, measures aimed at boosting accountability while maximizing earnings