Uganda: Exports Drop By 4.6 PercentTuesday, January 19, 2016 > 09:41:04
The monetary policy report by Bank of Uganda (BoU) has revealed that in the first four months of 2015/16, the value of goods exported fell by 4.6 per cent due to slower demand for the Ugandan exports amid decline in global commodity prices.
BoU says the decline in exports was as a result of a reduction in the prices which declined by 7 per cent as opposed to volume that increased by 2.5 per cent in the same period.
"The decline in price index is reflective of the impact of the decline in global commodity prices. Indeed, compared to the quarter ended October 2014, coffee export earnings recorded in the quarter to October 2015, decreased by $2.4m from $87.2m," says BoU in its highlight of monetary policy report.
"However, the total volume of coffee exported during the current quarter increased by 125,083 (60 kg) bags compared to 705,394 (60 kg) bags exported in the same quarter during 2014," BoU added.
BoU executive director research Adam Mugume said last week the weak global economic growth has led to low demand for export goods in the international market, a development which has seen a fall in commodity prices.